SoFi Goes Live With Stablecoin Settlement for $25 Billion Card Program

SoFi Technologies, Inc. (SOFI ) and Mastercard (MA ) announced on September 22, 2026 that stablecoin settlement is now live across SoFi Bank, N.A.’s debit and credit card program, with settlement running through SoFiUSD, SoFi Bank’s U.S. dollar stablecoin, on Mastercard’s global payments network. SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement of transactions using SoFiUSD, and transactions are live on the blockchain, according to the joint announcement published on SoFi’s investor relations site.

The companies said the card program is expected to process more than $25 billion in annualized volume using SoFiUSD. The announcement described SoFi as the first national bank to go live with stablecoin settlement across Mastercard’s network and SoFiUSD as the first stablecoin issued by a nationally chartered bank.

According to the announcement, the launch expands how card issuers, acquirers and merchants can manage settlement and liquidity through trusted payment infrastructure and provides a path to broader adoption of bank-issued stablecoins in payments. The companies also said the deployment shows how bank-issued stablecoins can operate alongside existing payment infrastructure.

“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, CEO of SoFi. Noto said merchants do not need to hold stablecoins, build new infrastructure or change how they operate. Through SoFi’s Big Business Banking platform, he said, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock and at zero cost.

Sherri Haymond, Mastercard’s Global Head of Digital Commercialization, 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.”

SoFiUSD Structure and Availability

SoFiUSD is issued by SoFi Bank, N.A., an OCC-regulated, nationally chartered bank. SoFi states that the stablecoin is fully redeemable 1:1 for U.S. dollars and is supported by reserves consisting primarily of cash. The token is available for institutional use and for use by SoFi members, supporting payments, settlement and other financial applications.

According to the company, SoFi Bank maintains liquid assets to support all outstanding SoFiUSD, and regular attestations are performed by an independent Certified Public Accountant licensed in the United States. SoFiUSD is available on the Ethereum (ETH ) and Solana (SOL ) networks, with additional networks being added.

From March Partnership to Production

The go-live follows an enhanced partnership the companies announced on March 3, 2026 to enable SoFiUSD as a settlement option across Mastercard’s global payments network. Under that plan, the companies said they would explore how issuers and acquirers could settle card-based transactions with Mastercard using SoFiUSD, enabling faster money movement for use cases such as cross-border remittances and B2B money transfers. The March announcement said SoFi Bank was expected to settle its credit and debit transactions powered by the Mastercard network in SoFiUSD, and that Galileo, SoFi’s technology platform, was expected to be among the first to offer its payment card clients and their issuing banks the choice to settle transactions in SoFiUSD. SoFiUSD was also expected to be supported across the Mastercard Multi-Token Network, Mastercard’s digital asset platform that helps connect traditional money with digital assets; the March announcement said the integration aimed to support interoperability across fiat currencies, stablecoins and tokenized deposits.

On May 27, 2026, SoFi made SoFiUSD available to its members to buy, sell, hold and convert directly within the SoFi app, a step the company described as the first time a U.S. national bank-issued stablecoin was available directly on a banking app.

On June 3, 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 and were particularly relevant for uses where timing and transparency are key, including cross-border payments, treasury and payouts. Mastercard said it would support settlement using Circle’s USDC, Paxos-issued PYUSD, USDG and USDP, Ripple’s RLUSD and SoFi’s SoFiUSD across blockchain networks including Arbitrum (ARB ), Base, Canton, Ethereum, Polygon (POL ), Solana, Tempo and XRPL, with ARQ, CBW Bank, Cross River, Lead Bank and Nuvei expected to be among the first to support stablecoin settlement optionality in the United States and Latin America, and further expansion planned through 2026.

SoFi said the settlement product is not limited to use by SoFi Bank. The company is in active discussions with large merchants across the United States regarding stablecoin-based settlement arrangements, which SoFi said range from large multinational retailers to technology service platforms. SoFi and Mastercard said they will also explore additional opportunities for SoFiUSD settlement on Mastercard’s network, including cross-border payments, remittances and other money movement use cases.