SoFi Bank has gone live with blockchain-based settlement for its debit and credit card transactions on Mastercard’s global payments network, using its bank-issued SoFiUSD stablecoin. The full card program is expected to process more than $25 billion in annualized volume.
September 23, 2026
SoFi Technologies and Mastercard have launched stablecoin settlement across SoFi Bank’s debit and credit card program, marking a major step in the use of regulated stablecoins within traditional card-payment infrastructure.
Under the new system, SoFi Bank is migrating its entire card program to blockchain-based settlement using SoFiUSD, a U.S. dollar stablecoin issued by SoFi Bank, N.A. The program is expected to process more than $25 billion in annualized volume. Transactions are already live on the blockchain, according to SoFi.
SoFi described the launch as making it the first national bank to go live with stablecoin settlement across Mastercard’s global payments network.
The development follows the companies’ partnership announced in March 2026, when SoFi and Mastercard said they would explore SoFiUSD settlement for card transactions and other payment applications.
SoFi Moves Its Card Settlement to SoFiUSD
The new system changes the way settlement occurs behind SoFi’s Mastercard-powered debit and credit card transactions.
Consumers can continue using their SoFi cards through the existing Mastercard payment network. The blockchain component operates at the settlement layer rather than requiring merchants to replace their existing payment infrastructure.
According to SoFi, merchants do not need to hold SoFiUSD, create a stablecoin wallet or modify their existing systems to receive settlement funds.
Through SoFi’s Big Business Banking platform, eligible merchants can receive settlement funds in a SoFi Bank account and withdraw those funds as cash around the clock. SoFi says these withdrawals can be made at zero cost.
This structure allows the blockchain-based settlement process to operate behind established payment infrastructure.
What Is SoFiUSD?
SoFiUSD is a U.S. dollar stablecoin issued by SoFi Bank, N.A., a nationally chartered bank regulated by the Office of the Comptroller of the Currency (OCC).
SoFi says SoFiUSD is redeemable 1:1 for U.S. dollars and supported primarily by cash reserves. The stablecoin is available for institutional use as well as for eligible SoFi members.
The company introduced SoFiUSD as part of its broader strategy to connect traditional banking services with blockchain-based financial infrastructure.
Importantly, SoFi’s disclosure states that SoFiUSD is not a bank deposit, is not FDIC- or SIPC-insured, is not legal tender and is not bank-guaranteed. The stablecoin is redeemable 1:1 for U.S. dollars subject to its applicable terms.
$25 Billion Figure Refers to Annualized Card Volume
The more than $25 billion figure represents the expected annualized volume of SoFi’s card program.
It does not mean that SoFi has already processed $25 billion through SoFiUSD on Mastercard’s blockchain settlement infrastructure.
The companies said the entire SoFi Bank card program is being migrated to stablecoin settlement, with the program expected to process more than $25 billion in annualized volume.
That distinction is important because the $25 billion figure represents the scale of the card program rather than completed blockchain settlement volume.
Mastercard Expands Stablecoin Settlement Infrastructure
The SoFi launch is part of Mastercard’s wider effort to introduce regulated stablecoins into its global settlement infrastructure.
In June 2026, Mastercard announced expanded settlement capabilities that include stablecoins as well as intraday, weekend and holiday settlement options. The company said the changes are designed to provide issuers and acquirers with more flexibility over when and how transactions are settled.
Mastercard said its settlement infrastructure can support regulated stablecoins including SoFiUSD, USDC, PYUSD, USDG, USDP and RLUSD, with support planned across blockchain networks including Ethereum, Solana, Base, Arbitrum, Polygon, Canton, Tempo and the XRP Ledger.
The company has positioned stablecoin settlement as an additional option alongside traditional settlement processes.
Merchants Do Not Need to Hold SoFiUSD
One of the notable aspects of the SoFi-Mastercard arrangement is that merchants do not have to directly interact with the stablecoin.
A merchant can continue receiving settlement through traditional banking infrastructure while SoFiUSD is used as the settlement asset behind the scenes.
SoFi CEO Anthony Noto said the model allows businesses to access blockchain-based settlement without requiring them to hold stablecoins or build new infrastructure.
This could reduce one of the operational barriers associated with stablecoin payments: requiring businesses that want faster blockchain settlement to directly manage digital assets.
Blockchain Settlement Could Support 24/7 Money Movement
Traditional banking settlement can be constrained by operating schedules, weekends and holidays.
Stablecoins operate on blockchain networks continuously, potentially allowing settlement infrastructure to function outside traditional banking hours.
SoFi and Mastercard are using this characteristic to support faster movement of settlement funds.
Mastercard said its expanded settlement capabilities are designed to support more time-sensitive payment flows, including cross-border payments, treasury operations and payouts.
However, the availability and timing of settlement ultimately remain subject to the applicable infrastructure, regulatory requirements and network rules.
SoFi and Mastercard Explore Cross-Border Payments
The companies are not limiting their plans to domestic card settlement.
SoFi and Mastercard said they will explore additional applications for SoFiUSD, including cross-border payments, remittances and other money-movement use cases.
SoFi is also discussing stablecoin-based settlement arrangements with large U.S. merchants, including multinational retailers and technology-service platforms, although the company has not publicly identified those businesses.
If expanded, these applications could give SoFiUSD a role beyond SoFi’s own card ecosystem.
Galileo Could Expand Stablecoin Settlement to Other Issuers
The March partnership between SoFi and Mastercard also outlined a potential role for SoFi Tech Solutions and its Galileo technology platform.
The companies said SoFi Tech Solutions could become one of the first platforms to give payment-card clients and their issuing banks the option to settle Mastercard transactions using SoFiUSD.
This creates a potential path for SoFi’s stablecoin infrastructure to be used by financial institutions beyond SoFi Bank itself.
The March announcement described possible applications involving card settlement, cross-border remittances, B2B transfers and other money-movement use cases, subject to regulatory requirements and Mastercard’s network rules.
Why the SoFi-Mastercard Deal Matters for Stablecoins
The launch places a bank-issued stablecoin directly into the settlement infrastructure of a major global card network.
Stablecoins have traditionally been associated with cryptocurrency trading and blockchain-native applications. Their use in institutional payment settlement represents a different application, where the blockchain is used primarily as a mechanism for moving and settling dollar-denominated value.
The SoFi model also demonstrates that blockchain settlement does not necessarily require consumers or merchants to interact directly with crypto wallets.
Instead, the blockchain can operate as an infrastructure layer while users continue to interact with familiar banking and card products.
SoFi Becomes a Major Test Case for Bank-Issued Stablecoins
SoFi’s rollout provides a real-world test of whether a stablecoin issued by a regulated U.S. bank can operate at the scale of an existing card program.
The program is expected to exceed $25 billion in annualized volume, giving the settlement model a substantially larger potential transaction base than a limited pilot.
At the same time, SoFi and Mastercard have not said that all of the program’s projected annualized volume has already migrated to blockchain settlement. The companies announced that transactions are live and that SoFi is migrating its entire card program.
The longer-term impact will depend on transaction volumes, merchant adoption, regulatory developments and the companies’ ability to extend the infrastructure to additional payment use cases.
What Comes Next for SoFiUSD?
SoFi and Mastercard are exploring several potential extensions of the system.
These include:
- Cross-border payments
- Remittances
- Merchant settlement
- B2B money transfers
- Additional Mastercard card programs
- Broader institutional stablecoin settlement
- Programmable treasury and money-movement applications
Mastercard’s broader stablecoin strategy also includes support for multiple regulated stablecoins and blockchain networks rather than relying on a single token or network.
For SoFi, however, the current launch gives SoFiUSD a direct role in settling transactions generated through its own debit and credit card program.
Bottom Line
SoFi has begun using SoFiUSD for blockchain-based settlement of its Mastercard debit and credit card transactions, with the entire SoFi Bank card program being migrated to the new settlement model.
The program is expected to generate more than $25 billion in annualized volume, although that figure represents the expected scale of the card program rather than completed SoFiUSD settlement volume.
The launch also demonstrates how stablecoins can be integrated into existing payment networks without requiring merchants to hold digital assets or replace their existing payment systems.
With Mastercard continuing to expand regulated stablecoin settlement and SoFi exploring merchant, cross-border and remittance applications, the partnership could become an important case study for the use of bank-issued stablecoins in mainstream payments.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, trading or legal advice. Stablecoins involve risks, and readers should review the applicable terms and risk disclosures before using any digital asset.
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