SoFi Technologies and Mastercard have launched stablecoin settlement for SoFi Bank’s debit and credit card program, following a partnership announced in March 2026. The move matters because SoFi is migrating its entire card portfolio, with annual volume exceeding $25 billion, to settlement through its SoFiUSD stablecoin.

The companies announced that transactions are already being processed on the blockchain.

SoFiUSD settlement

SoFiUSD is issued by SoFi Bank, N.A., which is regulated by the Office of the Comptroller of the Currency and holds a federal banking charter. The stablecoin can be redeemed 1:1 for the U.S. dollar, while its reserves consist primarily of cash.

“In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses,” said Anthony Noto, SoFi CEO.

According to Noto, merchants do not need to hold stablecoins, build new infrastructure or change their operations. Through the SoFi Big Business Banking platform, merchants can receive funds in a SoFi Bank account and cash them out around the clock without fees.

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

Broader payment plans

The launch forms part of Mastercard’s broader strategy to use stablecoins across its global payments network. In June 2026, the company announced an expansion of onchain settlement and support for regulated stablecoins.

In August, Mastercard completed its acquisition of infrastructure company BVNK to develop fiat and onchain payments.

SoFi is also in talks with major U.S. trading companies about using stablecoins for settlements. Mastercard and SoFi plan to explore cross-border payments, remittances and other methods of moving funds in future applications.

Source: Incrypted