SoFi Technologies (Nasdaq: SOFI) and Mastercard announced on Tuesday a partnership to enable the use of SoFiUSD—a U.S. dollar stablecoin issued by an OCC-regulated bank—for settling card transactions across Mastercard's global payments network. This development signals a deepening integration of regulated stablecoins into traditional card infrastructure.
SoFiUSD: The First Stablecoin Issued by a U.S. National Bank
SoFiUSD is issued by SoFi Bank, N.A., an OCC-regulated nationally chartered and insured depository institution. The stablecoin is fully backed 1:1 by cash reserves and designed to provide instant redemption capability, offering liquidity to merchants and financial institutions on the Mastercard network. According to SoFi's press release, this is the first stablecoin issued by a U.S. nationally chartered and insured bank on a public, permissionless blockchain.
Integration Details: From Card Settlement to Multi-Token Network
Under the partnership, SoFiUSD will be supported on Mastercard's Multi-Token Network (MTN), a digital asset platform connecting traditional money with blockchain-based assets. Initial use cases include cross-border remittances and business-to-business transfers, with future plans for programmable treasury applications and stablecoin-enabled card programs. Galileo, SoFi's technology platform, will be among the first to offer its payment card clients and issuing banks the option to settle transactions using the stablecoin.
Anthony Noto, SoFi's CEO, commented: “With SoFiUSD as a settlement currency across Mastercard’s network, card issuers and acquirers can more easily enable the millions of businesses they serve around the globe to instantly settle transactions, 24/7.” Sherri Haymond, Mastercard's global head of digital commercialization, added: “Enabling stablecoin settlement on our network bridges regulated digital currencies with Mastercard’s existing infrastructure, enhancing interoperability and choice for payment participants.”
Stablecoin Market Growth and Regulatory Implications
Data cited by the companies shows stablecoins have become a fast-growing segment of global finance, with daily transaction volume of roughly $30 billion and issuance doubling in 2025 compared to the prior year. Surveys indicate over 50% of crypto holders have used stablecoins in the past year, and more than 75% would consider opening a stablecoin wallet through a bank or fintech provider. SoFi and Mastercard said they plan to explore additional use cases subject to regulatory requirements and network rules.
SoFi Technologies serves 13.7 million members across its digital financial services platform. The collaboration not only introduces a compliant stablecoin option into Mastercard's network but also sets a precedent for other banks and fintech firms considering similar paths. By leveraging an OCC-regulated issuer, the initiative addresses key regulatory concerns around stablecoin reserves and redemption, potentially paving the way for broader institutional adoption.