# SoFi’s $25 Billion Card Volume Is a Projection, Not Current Settlement

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/23272
Published: 2026-09-23T12:39:05.000Z
Updated: 2026-09-23T12:39:05.000Z

SoFi’s projected annualized card volume of more than $25 billion does not represent Mastercard’s current stablecoin settlement activity, even though SoFiUSD transactions are already live on the blockchain.

SoFi Bank began moving its debit and credit card program to blockchain-based settlement on Sept. 22. The rollout is incomplete, and neither the amount settled in SoFiUSD nor a final migration date has been disclosed.

The $25 billion figure applies to the card program’s expected annualized volume after the migration is complete. It is not a reported amount of SoFiUSD already settled on-chain and does not measure Mastercard’s total crypto-related settlement activity.

The arrangement is designed to leave the customer-facing card experience unchanged while moving settlement between financial institutions onto blockchain infrastructure. Merchants using SoFi’s Big Business Banking platform can receive funds in a SoFi Bank account and withdraw cash without holding SoFiUSD.

“Merchants do not need to hold stablecoins,” SoFi CEO Anthony Noto said.

SoFiUSD is issued by SoFi Bank, N.A., a national bank regulated by the Office of the Comptroller of the Currency. The token is redeemable 1:1 for U.S. dollars and backed primarily by cash.

SoFiUSD does not carry deposit or investor-protection insurance, and holders may face service interruptions, delayed access or a total loss.

Mastercard’s stablecoin settlement strategy also includes USDC, Paxos-issued stablecoins and Ripple’s RLUSD across multiple blockchain networks. The company has not disclosed the share of network activity represented by any individual token.

Mastercard previously described SoFiUSD settlement as an option for card transactions, cross-border remittances and business-to-business transfers. The current arrangement creates a live bank-issued settlement route, but does not quantify its use across Mastercard’s network.

“This is another step toward giving businesses more choice in how money moves,” said Sherri Haymond, Mastercard’s global head of digital commercialization.

Visa’s stablecoin settlement volume recently exceeded a $20 billion annualized run rate. That figure measures settlement activity, while SoFi’s $25 billion figure is a projection for future card-program volume.

SoFi has not provided a date for completing the full card-program migration.