SoFi Unveils Stablecoin Settlements on Mastercard Network

SoFi has launched debit and credit card transactions using its SoFiUSD stablecoin on Mastercard's global payments network. The move marks a significant step in transitioning SoFi's complete card portfolio to a blockchain settlement infrastructure.

The program aims to process over $25 billion in annualized volume, making it one of the first banks to go live with stablecoin settlement across Mastercard's network.

SoFi CEO Anthony Noto highlighted that merchants do not need to hold SoFiUSD or modify their existing payment systems to use the service.

The launch follows a March agreement between SoFi and Mastercard, under which SoFi planned to use SoFiUSD to clear and settle its own Mastercard volume transactions.