US-based SoFi Technologies and Mastercard have launched stablecoin settlement for SoFi Bank's debit and credit card programme using SoFiUSD.
Settlement runs through SoFiUSD, a stablecoin issued by the bank, and extends to Mastercard's global payments network. The launch follows the partnership the two companies announced in March 2026. Transactions are already being recorded on the blockchain. The two companies moved stablecoin settlement from concept to a live product within six months.
As part of the rollout, SoFi Bank is migrating its entire card programme to stablecoin settlement. The programme is expected to process more than USD 25 billion in annualised volume. According to the companies, SoFiUSD is the first stablecoin issued by a nationally chartered bank.
How the settlement model works
The companies present the launch as a way for card issuers, acquirers, and merchants to manage settlement and liquidity through existing payment infrastructure. Bank-issued stablecoins are positioned to operate alongside traditional rails rather than replace them, linking conventional financial systems with blockchain-based networks.
Merchants do not need to hold stablecoins, build new infrastructure, or change their operations to take part. According to Anthony Noto, CEO of SoFi, merchants using SoFi's Big Business Banking platform can receive settlement funds instantly in a SoFi Bank account and withdraw them as cash around the clock at no cost.
Regulatory status of SoFiUSD
SoFiUSD is issued by SoFi Bank, N.A., a national bank regulated by the Office of the Comptroller of the Currency (OCC). The token is redeemable 1:1 for US dollars, subject to applicable terms, and is backed by reserves consisting primarily of cash. It is available for institutional use and to SoFi members for payments, settlement, and other financial applications.
SoFi's disclosures also set out the limits of the product's protections. SoFiUSD is not a deposit and is not insured by the FDIC or SIPC. It is not bank-guaranteed, is not legal tender, and may lose value. This distinguishes the token from bank deposits, even though its issuer is a federally regulated bank.
Next steps and ecosystem implications
The launch is part of Mastercard's wider work to support stablecoin settlement across its network with banks, fintechs, stablecoin issuers, and other partners. SoFi does not intend to limit the product to its own card operations. The company is in active discussions with large US merchants about stablecoin-based settlement arrangements. These merchants range from multinational retailers to technology service platforms.
SoFi and Mastercard also plan to explore further uses of SoFiUSD settlement on Mastercard's network, including cross-border payments, remittances, and other money movement use cases.
