SoFi Bank launched SoFiUSD stablecoin settlement for debit and credit card transactions on Mastercard’s global payments network. The companies also plan to explore the use of the asset for cross-border payments, remittances, and other money movement applications.
U.S. fintech company SoFi Technologies and Mastercard launched settlement using the SoFiUSD stablecoin. SoFi Bank plans to move its entire card program, which processes more than $25 billion in annual transaction volume, to the new settlement system.
SoFiUSD, a stablecoin fully backed by the U.S. dollar, became available to a broad range of users in May 2026. The asset operates on the Ethereum blockchain and is backed 1:1 by cash reserves, with immediate redemption available.
SoFi Bank, N.A. issues the stablecoin, while BitGo Bank & Trust serves as the technology partner responsible for issuance and distribution. Both companies received approval from the U.S. Office of the Comptroller of the Currency (OCC).
According to SoFi, blockchain-based settlement is designed to give businesses faster access to their funds without requiring them to handle digital assets directly. Merchants don’t need to hold SoFiUSD, build their own blockchain infrastructure, or change their existing payment acceptance processes.
Stablecoin settlement takes place at the payment infrastructure level. Through the SoFi Big Business Banking platform, merchants can receive funds directly into a bank account and access them around the clock at no cost.
SoFiUSD’s use isn’t expected to be limited to SoFi Bank’s own operations. The company is already discussing stablecoin settlement arrangements with large U.S. merchants, including multinational retailers and technology service platforms.
SoFi and Mastercard also plan to explore additional uses for SoFiUSD across the payments network, including cross-border payments, remittances, and other money movement applications.
SoFi CEO Anthony Noto said the companies moved from the idea of stablecoin settlement to a live product in 6 months. According to Noto, the new system combines the speed of blockchain transactions with the safeguards of a bank.
SoFi and Mastercard first announced plans to integrate SoFiUSD into Mastercard’s payment infrastructure in March 2026.
Sherri Haymond, Mastercard’s Global Head of Digital Commercialization, said the company views the project as part of a broader push to introduce stablecoin settlement. Mastercard is developing the supporting infrastructure alongside banks, fintech companies, digital asset issuers, and other partners.
