SoFiUSD Goes Live on Mastercard Network for $25 Billion in Transactions
SoFi Technologies has successfully moved its $25 billion card program to blockchain-based settlement using SoFiUSD, its bank-issued stablecoin. The token is now live across Mastercard's global payments network.
The rollout makes SoFiUSD the first stablecoin issued by a nationally chartered bank to be used for settlement on Mastercard's network. Transactions are already live onchain, and merchants can receive funds without holding stablecoins or building blockchain infrastructure.
SoFi and Mastercard plan to explore further uses for SoFiUSD, including cross-border payments, remittances, and other forms of money movement. The companies have also discussed merchant settlement arrangements with large U.S. merchants, but no implementation dates were disclosed.