SoFi Becomes First National Bank to Utilize Stablecoin Settlement

SoFi Technologies' stock price rose by 3% on Tuesday following an announcement that it became the first national bank to utilize stablecoin settlement across Mastercard's global payments network.

The company, SoFi Bank, is migrating its entire card program to blockchain-based settlement, with the expected annualized volume exceeding $25 billion. The launch of SoFiUSD, a stablecoin issued by SoFi Bank, N.A., marks the first time a nationally chartered bank has issued such an asset.

The partnership between SoFi and Mastercard allows merchants to receive settlement funds instantly in a SoFi Bank account, with withdrawals possible at any time without cost. This integration is expected to expand how card issuers, acquirers, and merchants manage settlement and liquidity through payment infrastructure.