SoFi Stablecoin Payments Go Live on Mastercard Network

SoFi Technologies shares rose by 5% on Tuesday after announcing that its stablecoin settlement is now live across SoFi Bank's debit and credit card program.

The system uses Mastercard's global payments network, giving SoFi a significant role in blockchain-based payments.

This move takes SoFi's cryptocurrency business beyond simply offering digital assets as an investment product, using blockchain technology for everyday card payments and settlement.

SoFi's card program is moving toward settlement through SoFiUSD, the company's US dollar stablecoin. Stablecoins are digital tokens designed to maintain a stable value, usually by being linked to a currency such as the US dollar.