SoFi Becomes First to Use Stablecoin Settlement with Mastercard
SoFi and Mastercard have launched stablecoin settlement across SoFi Bank, N.A.’s debit and credit card program, marking the first use of blockchain-based settlement by a nationally chartered bank. The partnership, announced in March, went live on the blockchain today, with SoFi migrating its full $25 billion card program to stablecoin transactions using SoFiUSD.
SoFiUSD, a stablecoin issued by the federally regulated SoFi Bank, N.A., is fully redeemable 1:1 for U.S. dollars and supported by reserves consisting primarily of cash. Transactions processed through Mastercard’s global payments network now settle on the blockchain, enabling faster access to funds for businesses. This implementation demonstrates how bank-issued stablecoins can operate alongside existing payment infrastructure, helping bridge traditional financial systems and blockchain-based networks.
Anthony Noto, CEO of SoFi, stated, “In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses.” He added, “Merchants do not need to hold stablecoins, build new infrastructure or change how they operate. Through SoFi’s Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock and at zero cost.”
Sherri Haymond, Global Head of Digital Commercialization at Mastercard, emphasized, “Stablecoins become meaningful when they solve real problems that businesses face every day. With SoFi, we’re moving beyond exploration to implementation, bringing regulated stablecoin settlement into a live production environment while preserving the trust, scale and safeguards expected from Mastercard.”
While this approach improves SoFi’s settlement operations, the product is not limited to SoFi Bank. SoFi is in active discussions with large U.S. merchants, including multinational retailers and technology service platforms, regarding stablecoin-based settlement arrangements. The companies will also explore additional opportunities such as cross-border payments and remittances on Mastercard’s network. SoFiUSD supports payments, settlement and other financial applications for institutional use and SoFi members.
This milestone aligns with Mastercard’s broader efforts to integrate stablecoin settlement across its global payments ecosystem, partnering with banks, fintechs and stablecoin issuers. SoFiUSD’s launch represents a significant step in expanding the use of regulated digital currencies in mainstream financial transactions, combining blockchain speed with traditional banking safeguards. The partnership highlights how regulated digital currencies can enhance efficiency while maintaining institutional-grade security and compliance.
