SoFi Launches SoFiUSD Stablecoin Settlement on Mastercard

SoFi Technologies and Mastercard have launched stablecoin settlement across SoFi Bank’s debit and credit card program, integrating the bank-issued SoFiUSD stablecoin with Mastercard’s global payments network.

SoFi said on September 22 that it is migrating its entire $25 billion card program to stablecoin settlement using SoFiUSD. The rollout makes SoFi Bank the first national bank to go live with stablecoin settlement across Mastercard’s network.

The initiative allows card issuers, acquirers and merchants to use stablecoins for settlement and liquidity management while continuing to operate through existing payment infrastructure. It also demonstrates how regulated, bank-issued stablecoins can connect traditional financial services with blockchain-based payment rails.

SoFi CEO Anthony Noto said merchants will not be required to hold stablecoins, develop blockchain infrastructure or change their existing operations. Through SoFi’s Big Business Banking platform, merchants can receive settlement funds directly into a SoFi Bank account and convert them to cash around the clock without withdrawal costs.

SoFiUSD is redeemable 1:1 for U.S. dollars and is backed by reserves consisting primarily of cash. The companies said the integration gives businesses additional flexibility in how payments and settlement funds move.

The launch builds on Mastercard’s broader push into regulated stablecoin payments. Its settlement ecosystem already supports several stablecoins, including Ripple’s RLUSD, Circle’s USDC, PayPal’s PYUSD, Paxos-issued USDG and USDP, as well as SoFiUSD.

Ripple has also joined Mastercard’s Crypto Partner Program, alongside crypto and payments companies including Binance, Circle, Gemini, PayPal and Paxos, as Mastercard expands its blockchain-based payment capabilities.

Stablecoins were initially used largely for cryptocurrency trading, but their role is expanding across traditional finance. Banks, payment providers and asset managers are increasingly exploring stablecoins for 24/7 settlement, on-chain financial services and faster cross-border transfers outside conventional banking hours.