FinTech company SoFi Technologies integrated its U.S. dollar-pegged stablecoin, SoFiUSD, into Mastercard’s global payment infrastructure.
U.S.-based tech company SoFi Technologies, Inc., which serves approximately 13.7 million clients and develops its own digital financial platform, announced an expansion of its partnership with financial giant Mastercard. Under the agreement, the SoFiUSD stablecoin will be used as a settlement instrument for issuers and acquirers operating within Mastercard.
SoFiUSD is a U.S. dollar-pegged stablecoin. The asset is issued by SoFi Bank, N.A., a nationally chartered U.S. bank regulated by the Office of the Comptroller of the Currency (OCC). The asset operates on the Ethereum blockchain and is backed by cash reserves at a 1:1 ratio, with immediate redemption available.
The initiative enables clearing and final settlement of card transactions in stablecoin. According to Anthony Noto, CEO of SoFi Technologies, the move will accelerate payment processing while simplifying cross-border transfers and B2B settlements.
Moreover, the integration includes support for SoFiUSD within the Mastercard Multi-Token Network, a digital asset platform that connects fiat currencies, stablecoins, and tokenized deposits. The integration aims to enhance interoperability between different forms of money and expand settlement options for banks and corporate clients.
SoFi Bank also plans to use SoFiUSD for settlement of its own credit and debit card transactions processed through Mastercard. The Galileo platform, which services 128 million accounts worldwide, will be among the first providers to offer issuing banks and their customers the option to settle in SoFiUSD.
SoFi Technologies and Mastercard intend to expand the use of the stablecoin across card programs, cross-border transfers, and programmable treasury solutions, subject to regulatory requirements.
According to company estimates, daily stablecoin transaction volumes reach $30 billion. More than half of crypto-asset holders have held stablecoins over the past 12 months, and over 75% are willing to open a stablecoin wallet if such an option is available within a banking or FinTech application.
Previously, SoFi Technologies integrated the Lightning Network technology into its product suite, enabling international money transfers from the United States to Mexico, and launched the SoFi Crypto service, allowing users to buy and sell digital assets directly through a regulated banking app.
