SoFi Makes History with Stablecoin Settlement on Mastercard Network

SoFi has made history by launching stablecoin settlement for its entire card business on Mastercard's global network. As of September 22, 2026, all transactions are settled using SoFiUSD, a stablecoin pegged to the US dollar and issued by SoFi itself.

The move is significant because it marks the first time a nationally chartered US bank has used stablecoin settlement in production on Mastercard's network. The card programme being moved onto this rail processes over 25 billion USD annually, with merchants not having to hold SoFiUSD or change their point-of-sale systems.

The benefits for merchants include receiving settlement amounts immediately in a SoFi bank account and converting them into cash around the clock at no cost. Anthony Noto, SoFi's chief executive, describes this as 'a move from trials into production'.