SoFi Integrates Stablecoin Settlement Across Mastercard Network
SoFi Technologies and Mastercard have teamed up to launch stablecoin settlement across SoFi Bank's debit and credit card program, integrating the bank-issued SoFiUSD stablecoin with Mastercard's global payments network.
The rollout makes SoFi Bank the first national bank to go live with stablecoin settlement across Mastercard's network. The initiative allows card issuers, acquirers and merchants to use stablecoins for settlement and liquidity management while continuing to operate through existing payment infrastructure.
SoFi CEO Anthony Noto said that merchants will not be required to hold stablecoins, develop blockchain infrastructure or change their existing operations. Through SoFi's Big Business Banking platform, merchants can receive settlement funds directly into a SoFi Bank account and convert them to cash around the clock without withdrawal costs.