SOFI Charts New Territory with Blockchain-Based Card Program
SOFI Technologies has made history by becoming the first OCC-regulated national bank to offer customers access to cryptocurrencies. The company is migrating its entire $25 billion card program to blockchain-based settlement using SoFiUSD, with transactions already live on the blockchain.
SoFiUSD is a stablecoin issued by SoFi Bank, which is fully redeemable 1:1 for U.S. dollars and backed primarily by cash reserves. The company expects its card program to process more than $25 billion in annualized volume through SoFiUSD.
The move expands SoFi's push into blockchain-based payments while giving Mastercard another live stablecoin settlement use case beyond pilot programs. SoFi is also exploring additional uses for SoFiUSD with Mastercard, including cross-border payments and remittances.