SoFi Ditches Third-Party Stablecoins with $25B Card Business Shift

SoFi has migrated its $25 billion card business to its own stablecoin, SoFiUSD. The move is significant because it bypasses the need for third-party stablecoins in settlement processes.

This development raises questions about the necessity of Ripple's RLUSD strategy. If large regulated banks can issue their own stablecoins and integrate them directly into global payment networks, will they still require third-party stablecoins?

SoFi's program is already live through Mastercard's global payments network, with SoFiUSD serving as the underlying digital settlement asset.