SoFi Taps Stablecoin Settlement for Massive Card Program
SoFi Bank has launched its card program using SoFiUSD for stablecoin settlement across Mastercard's global payments network. The new system is expected to process over $25 billion annually, making it one of the largest implementations of blockchain technology in traditional payment infrastructure.
The key feature of this system is that it doesn't require consumers to change how they pay. Merchants don't need to accept cryptocurrency at checkout, but rather SoFiUSD operates deeper in the payment stack, changing how value moves after card transactions.
SoFi Bank issued the SoFiUSD stablecoin, which is designed to be redeemable 1:1 for dollars and primarily backed by cash. The token is not a bank deposit, is not FDIC-insured, and is not legal tender. This structure differs from many major stablecoins, as SoFi is both a regulated national bank and the institution issuing the token used in its settlement infrastructure.
The launch of Big Business Banking by SoFi in April expanded the model beyond the token itself, combining regulated business deposit accounts with API-based payments and digital-asset functionality. The platform is expected to leverage Solana alongside other blockchain networks.