SoFi Bank Migrates $25B Card Program to Blockchain-Based Stablecoin Settlement

SoFi Bank has introduced SoFiUSD for settling transactions on Mastercard's global payments network. This move is significant as it marks the first national bank to implement stablecoin settlement across Mastercard's network.

The migration will cover all $25 billion of SoFi Bank's card program, with an estimated 250 billion dollars in annual transactions being settled using SoFiUSD. The transition will be done on a blockchain-based platform, eliminating the need for traditional methods and infrastructure development.

SoFi and Mastercard have also expressed interest in exploring the use of SoFiUSD for international payments and remittances through Mastercard's network.