SoFi Unleashes Stablecoin Power on Mastercard

SoFi has launched its first U.S. stablecoin settlements on Mastercard's global payments network, marking a significant milestone in the adoption of blockchain technology in the financial sector.

The program, which is expected to process more than $25 billion in annualized volume, allows businesses to expedite cash access via the speed of blockchain, as emphasized by SoFi CEO Anthony Noto. The launch follows an agreement between SoFi and Mastercard in March under which SoFi planned to use its SoFiUSD stablecoin to clear and settle its own Mastercard volume transactions.

Sherri Haymond, Mastercard's Global Head of Digital Commercialization, noted that stablecoins become meaningful when they solve real problems faced by businesses every day. SoFi is already in talks with large US merchants about stablecoin settlement arrangements, including international tech-driven retail giants.