SoFi Technologies Shares Leap on Mastercard Stablecoin Integration
SoFi Technologies (SOFI) shares rose by approximately 3% after Mastercard confirmed that its worldwide payments platform is now operational with stablecoin settlement infrastructure.
The financial institution plans to transition its entire card portfolio to blockchain-powered settlement, which includes over $25 billion in yearly transaction volume. SoFiUSD, the proprietary stablecoin of SoFi Bank, holds a 1:1 backing with US dollar reserves and represents the first stablecoin originating from a federally chartered bank.
Businesses utilizing this infrastructure can gain access to immediate settlement deposits into SoFi Bank accounts, with unlimited no-fee cash withdrawals available. Ongoing negotiations are taking place with major American retailers and international corporations regarding stablecoin settlement partnerships.