SoFi Moves $25 Billion Card Program to SoFiUSD Settlement on Mastercard
The token is redeemable 1:1 for U.S. dollars and is now used for card settlement without requiring merchants to change their systems.
- On Tuesday, Sept. 22, SoFi Technologies and Mastercard announced that debit and credit card transactions under the SoFi Bank program are now settling with SoFiUSD, making the token part of Mastercard's live payment infrastructure six months after their partnership began.
- The rollout follows Mastercard's earlier stablecoin settlement program, which allows issuers to settle card transactions using regulated tokens while retaining existing processes. This integration connects conventional systems with blockchain-based money movement, operating on Ethereum and Solana.
- Expected to process more than $25 billion in volume, the bank's card program uses a stablecoin redeemable 1:1 for U.S. dollars, with merchants not required to maintain token balances or build separate infrastructure.
- Mastercard Global Head of Digital Commercialization Sherri Haymond said they are bringing regulated stablecoin settlement into production while keeping network safeguards. SoFi CEO Anthony Noto noted the launch moved the product from idea to live use.
- The companies plan to examine further uses for SoFiUSD, including cross-border payments and remittances. Mastercard's August acquisition of BVNK provides additional systems for handling tokenized asset transactions alongside its existing global payment network.
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