SoFi Stablecoin Settlement Goes Live on Mastercard Network

SoFi Technologies' stock price surged by around 3% after its stablecoin settlement feature went live on Mastercard's global payments network. The move follows a partnership between SoFi and Mastercard announced in March, which has now been fully implemented.

The feature uses SoFiUSD, the company's own stablecoin, which is the first to be issued by a nationally licensed US bank. SoFi Bank's entire card program is being migrated to blockchain-based settlement, targeting over $25 billion in annualized transaction volume.

Merchants using the system can receive instant settlement into a SoFi Bank account and withdraw cash at any time without incurring costs. This removes some of the usual friction associated with crypto-adjacent payment systems.