SoFi Deploys Stablecoin Settlement on Mastercard Network

SoFi has launched its SoFiUSD stablecoin on Mastercard's global payments network for settling debit and credit card transactions. The move represents a major step towards blockchain-based settlement, with the company processing over $25 billion in annualized volume through this new system.

The program is part of an agreement between SoFi and Mastercard announced in March, which aimed to use SoFiUSD for Mastercard's debit and credit transactions. Six months later, this vision has become a reality, making SoFi the first U.S. national bank to implement stablecoin settlement across Mastercard's network.

This new system does not require merchants to hold SoFiUSD or change their current payment methods. Instead, they can receive settlement funds into a SoFi Bank account and withdraw the proceeds as cash without any withdrawal fees.