SoFi Brings Stablecoin Settlement to Mastercard's Global Payments Network
SoFi Technologies has launched stablecoin settlement on Mastercard's global payments network. The rollout covers SoFi Bank's entire debit and credit card program, which is expected to process over $25 billion in annualized volume. This makes SoFi the first nationally chartered, OCC-regulated bank to move card settlement onto public blockchain rails.
The stablecoin used for this purpose is SoFiUSD, which was launched in December 2025 as a dollar-pegged token issued directly by SoFi Bank. The token is backed 1:1 with cash reserves and carries a different structural profile than traditional stablecoins due to its backing by an insured depository institution.
The majority of SoFiUSD supply resides on the Solana blockchain, accounting for around 70% of the total supply. This is because Solana offers near-instant finality and fees below a penny per transaction, making it an attractive choice for high-volume settlement.