SoFi Integrates Stablecoin Settlement with Mastercard

SoFi has started settling its debit and credit card transactions in its own stablecoin on Mastercard's global payments network. This move makes SoFi the first bank to run its full card program on blockchain-based settlement.

The card program is expected to process more than $25 billion in annualized volume, with no changes required for merchants who take a SoFi-branded Mastercard. Through SoFi's Big Business Banking platform, merchants can receive settlement funds in a SoFi Bank account and withdraw them as cash around the clock at no cost.

SoFi and Mastercard built the system in six months, following a March agreement that scoped SoFiUSD for SoFi's own card transactions. The two firms say they 'took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses.'