# SoFi Bank Begins Mastercard Stablecoin Settlement for $25 Billion Card Program

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/23516
Published: 2026-09-24T02:19:39.000Z
Updated: 2026-09-24T02:19:39.000Z

SoFi Bank began live settlement for its Mastercard debit and credit card program on Sept. 22, using SoFiUSD to move an estimated $25 billion in annualized card volume onto blockchain infrastructure.

The full migration remains incomplete. The projected figure describes expected card-program volume after migration, not the amount already settled in SoFiUSD.

SoFiUSD is used for settlement between financial institutions, Mastercard and merchants rather than for consumers paying merchants directly at checkout. Merchants can receive settlement funds in a SoFi Bank account and withdraw cash around the clock at no cost through Big Business Banking.

SoFi is discussing stablecoin settlement with large U.S. merchants, including multinational retailers and technology-service platforms. SoFi CEO Anthony Noto said, “In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses.”

SoFiUSD is issued by SoFi Bank, N.A., a nationally chartered bank regulated by the Office of the Comptroller of the Currency. It is intended to be redeemable one-to-one for U.S. dollars and backed primarily by cash reserves.

SoFiUSD carries neither federal deposit insurance nor SIPC protection, and it does not constitute legal tender or a bank deposit. It may lose value.

SoFi began minting SoFiUSD in the first quarter of 2026 and made it available to members in the second quarter. The company records outstanding tokens as a liability and requires reserve assets to equal or exceed the token supply.

The bank initially positioned SoFiUSD as infrastructure for banks, fintechs and enterprise platforms. Its broader strategy combines consumer financial services, crypto trading, business banking and payment infrastructure in one platform.

SoFi and Mastercard first announced plans in March to explore SoFiUSD settlement for card transactions, cross-border remittances and business-to-business transfers. SoFi launched Big Business Banking in April with fiat and crypto banking, 24/7 payments and settlement, and SoFiUSD mint-and-burn capabilities.

Mastercard global head of digital commercialization Sherri Haymond said, “Stablecoins become meaningful when they solve real problems that businesses face every day.”

The projected card volume and completed SoFiUSD settlement remain separate figures, as explained in earlier coverage of SoFi’s projected card volume. The companies have not disclosed the amount settled in SoFiUSD, transaction count or a final migration date.

## Links in this article

- [earlier coverage of SoFi’s projected card volume](https://www.tokenpost.com/news/business/23272)