Mastercard Adds SoFiUSD as Settlement Option

Sofi Technologies and Mastercard have partnered to allow banks and card issuers on Mastercard's global network to settle transactions using SoFiUSD, a digital dollar backed by SoFi Bank N.A.

The deal will provide financial institutions with an alternative to conventional fiat settlement, with the stablecoin operating on a public, permissionless blockchain.

SoFi Bank intends to process its own Mastercard credit and debit transactions through SoFiUSD, while Galileo, the company's payments technology division, will extend that option to its client banks and partner card issuers.