SoFiUSD Live on Mastercard Network, But Scale Remains Unclear

Mastercard and SoFi Bank have announced that their March plan to use SoFiUSD for card settlements has come into effect. The rollout allows merchants to receive dollars in a bank account without holding the token, according to SoFi.

The partnership aims to process over $25 billion annually using SoFiUSD after its full migration is complete. However, it's unclear how many transactions have already been settled in the token, and SoFi has not disclosed this figure.

The new system operates behind existing cards, with no requirement for consumers to acquire crypto at checkout. Merchants can receive settlement funds immediately in a SoFi Bank account and access cash around the clock without holding SoFiUSD, according to the bank's product claim.