@SoFi Technologies (NASDAQ: SOFI) and @Mastercard (NYSE: MA) have announced that stablecoin settlement is now live across SoFi Bank, N.A.As part of the launch, SoFi Bank is migrating its enti
@SoFi Technologies (NASDAQ: SOFI) and @Mastercard (NYSE: MA) have announced that stablecoin settlement is now live across SoFi Bank, N.A.As part of the launch, SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement of transactions using SoFiUSD, the first stablecoin issued by a nationally chartered bank.
SoFiUSD, the company's fully reserved U.S. dollar stablecoin, is the first stablecoin offered by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain.SoFiUSD is issued by SoFi Bank, an OCC-regulated, nationally chartered bank. The stablecoin is redeemable 1:1 for U.S. dollars and backed by reserves consisting primarily of cash.
The move to full production follows the companies' partnership first announced in March, bringing SoFiUSD, issued by a federally regulated bank, to Mastercard's global payments network.The launch expands how card issuers, acquirers and merchants can manage settlement and liquidity through trusted payment infrastructure, while providing a path to broader adoption of bank-issued stablecoins in payments.
In June 2026, Mastercard announced plans to expand its settlement capabilities with additional intraday, weekend and holiday card settlement, supporting both fiat currencies and on-chain card settlement using regulated stablecoins. Mastercard said the enhancements were intended to give issuers and acquirers greater flexibility in how they settle card-based transactions across its global payments network, particularly for cross-border payments, treasury and payouts.
SoFiUSD is currently available on Ethereum and Solana, while Mastercard's broader stablecoin settlement plans encompass eight blockchain networks: Arbitrum, Base, Canton, Ethereum, Polygon, Solana, Tempo, and the XRP Ledger.
The product is not limited to use by SoFi Bank. SoFi is in active discussions with large merchants across the U.S. regarding stablecoin-based settlement arrangements, ranging from large multinational retailers to technology service platforms.
The launch also highlights how bank-issued stablecoins can operate alongside existing payment infrastructure, helping bridge traditional financial systems and blockchain-based networks.SoFiUSD was made available to SoFi members to buy, sell, hold and convert directly within the SoFi app on May 27, 2026, marking the first time a U.S. national bank-issued stablecoin was available directly on a banking app.
Sources:SoFi Investor Relations: SoFi Becomes First National Bank to Go Live with Stablecoin Settlement across Mastercard's Global Payments NetworkMastercard Press Release: SoFi and Mastercard Partner to Enable SoFiUSD SettlementThe Block: SoFi Begins Stablecoin Settlement on Mastercard Network
