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Sofi Migrates $25B Card Program to Blockchain-Based Settlement

Guavy AI Editorial Team
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Sofi Technologies' stock price surged nearly 5% in morning trading on Tuesday after announcing that its $25 billion card program has migrated to blockchain-based settlement using SofiUSD, a stablecoin issued by Sofi Bank.

The move makes Sofi the first national bank to offer stablecoin settlement across Mastercard's global payments network. Transactions are already live on the blockchain, with the company expecting more than $25 billion in annualized volume through SofiUSD.

Sofi is exploring additional use cases for SofiUSD with Mastercard, including cross-border payments and remittances. The firm is also discussing stablecoin-based settlement with large U.S. merchants.

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