SoFiUSD Goes Live on Mastercard Network

SoFi Technologies and Mastercard have launched SoFiUSD settlement across Mastercard's global payments network. This makes SoFi Bank, N.A. the first nationally chartered U.S. bank to use a bank-issued stablecoin for settlement on this scale.

The $25 billion card program of SoFi Bank is being migrated to stablecoin settlement using SoFiUSD. The program is expected to process more than $25 billion in annualized volume, with transactions already live on the blockchain.

According to SoFi CEO Anthony Noto, merchants do not need to hold stablecoins or change their operations. Through SoFi's Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock at zero cost.