SoFi & Mastercard launch stablecoin card settlement

SoFi and Mastercard have launched stablecoin settlement across SoFi Bank's debit and credit card programme, making SoFi the first national bank to use the model on Mastercard's global payments network.

SoFi is moving its entire card programme, which it expects to process more than USD $25 billion in annualised volume, to blockchain-based settlement using SoFiUSD. Transactions are already live on the blockchain.

The move is one of the clearest attempts so far by a regulated US bank to use a bank-issued stablecoin in day-to-day card settlement rather than in a limited pilot. It also puts Mastercard's payments network at the centre of a live arrangement linking traditional card processing with digital token settlement.

Under the setup, SoFiUSD settles transactions tied to SoFi Bank's debit and credit cards. Issued by SoFi Bank, a nationally chartered bank regulated by the Office of the Comptroller of the Currency, the token is redeemable one-to-one for US dollars and backed primarily by cash reserves.

Merchants do not need to hold stablecoins or build separate systems to receive funds. Instead, they can receive settlement into a SoFi Bank account through the lender's Big Business Banking platform, with cash withdrawals available around the clock.

Settlement shift

The arrangement extends stablecoin use beyond trading and treasury management into the operational plumbing of card payments. Card settlement is typically handled through established banking rails and batch-based processes. Blockchain-based settlement is intended to speed up how quickly merchants and other participants receive funds.

For Mastercard, the launch adds to a broader push to support stablecoin settlement through its global network with banks, financial technology firms and stablecoin issuers. The company has been building digital asset links tied to existing payment infrastructure rather than creating a separate consumer-facing network.

Anthony Noto, Chief Executive Officer of SoFi, said speed of execution was central to the project. "In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses," Noto said.

He said the system is designed to work without changing merchant operations.

"Merchants do not need to hold stablecoins, build new infrastructure or change how they operate. Through SoFi's Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock and at zero cost. That means businesses have faster access to their money via the speed of blockchain, with the safeguards of a bank," Noto said.

Broader push

The announcement also reflects a wider effort by financial institutions to test whether stablecoins can be used inside regulated payment systems without forcing merchants or consumers to change how they transact. By keeping the stablecoin function in the background, companies can introduce digital settlement while preserving existing card acceptance and merchant workflows.

Sherri Haymond, Global Head of Digital Commercialisation at Mastercard, said the project had moved from concept to live use. "Stablecoins become meaningful when they solve real problems that businesses face every day," Haymond said.

"With SoFi, we're moving beyond exploration to implementation, bringing regulated stablecoin settlement into a live production environment while preserving the trust, scale and safeguards expected from Mastercard. This is another step toward giving businesses more choice in how money moves," Haymond said.

SoFi said the product is not limited to internal use by its own bank and that it is in discussions with large US merchants on stablecoin-based settlement arrangements, including multinational retailers and technology service platforms.

That suggests SoFi sees the project not only as an operational change for its card business but also as a commercial product it could offer more broadly. If large merchants adopt it, the model could test whether bank-issued stablecoins can reduce settlement friction without displacing established card networks or deposit accounts.

SoFi also said SoFiUSD is available for institutional use as well as for its members, supporting payments, settlement and other financial applications. Mastercard and SoFi are exploring additional uses for settlement on the network, including cross-border payments and remittances.

The launch gives the bank-issued stablecoin debate a live payments use case at a time when financial groups are examining how regulated digital dollars might fit into mainstream banking. SoFi expects its card programme to process more than USD $25 billion in annualised volume using SoFiUSD.