SoFi Launches SoFiUSD Stablecoin Settlement on Mastercard Network

SoFi Bank has started settling debit and credit card transactions with SoFiUSD on Mastercard’s global payments network, with plans to move its entire card program — more than $25 billion in annual transaction volume — onto the new system. For PSPs and merchants, the point is not “crypto payments” in the retail sense; it is settlement infrastructure that can change how quickly funds move and how much operational plumbing sits between authorization and cash in the bank.

1. SoFi Bank launched SoFiUSD stablecoin settlement for card transactions on Mastercard’s network, and the two companies also plan to explore cross-border payments, remittances, and other money movement applications. That puts stablecoin settlement squarely at the infrastructure layer, which is where payments operators usually start caring.
2. SoFi says it will move its entire card program, which processes more than $25 billion in annual transaction volume, to the new settlement system. In practice, that makes this more than a pilot: if the rollout holds, it becomes a live settlement rail for a meaningful card book rather than a side project.
3. SoFiUSD became available to a broad range of users in May 2026. The stablecoin is fully backed by the U.S. dollar, operates on the Ethereum blockchain, and is backed 1:1 by cash reserves with immediate redemption available. SoFi Bank, N.A. issues the stablecoin, while BitGo Bank & Trust handles issuance and distribution as the technology partner.
4. Both companies received approval from the U.S. Office of the Comptroller of the Currency (OCC). SoFi says merchants do not need to hold SoFiUSD, build blockchain infrastructure, or change existing acceptance processes; funds can flow directly into a bank account through the SoFi Big Business Banking platform and be accessed around the clock at no cost.
5. SoFi is already discussing stablecoin settlement arrangements with large U.S. merchants, including multinational retailers and technology service platforms. SoFi CEO Anthony Noto said the company went from the idea of stablecoin settlement to a live product in 6 months, while Mastercard’s Sherri Haymond said the project is part of a broader push to introduce stablecoin settlement across the network.

SoFi and Mastercard first announced plans to integrate SoFiUSD into Mastercard’s payment infrastructure in March 2026. For high-risk operators and their payment partners, the important detail is that Mastercard is building the supporting infrastructure alongside banks, fintech companies, digital asset issuers, and other partners — which usually means the conversation is moving from “can this work?” to “which flows, jurisdictions, and merchant groups get plugged in first?”