SoFi Technologies has partnered with Mastercard to enable SoFiUSD, its fully reserved U.S. dollar stablecoin, as a settlement option across Mastercard's global payment network. This integration marks the first time a stablecoin issued by a U.S. nationally chartered and insured bank on a public, permissionless blockchain is used for card-based transaction settlement.
Instant Settlement and Cross-Network Interoperability
Card transactions on the Mastercard network can now be settled using SoFiUSD, accelerating remittances and B2B payments. SoFi CEO Anthony Noto stated: “With SoFiUSD as a settlement currency on Mastercard's network, card issuers and acquirers have the ability to easily facilitate the millions of businesses they serve around the globe to instantly settle transactions 24 hours a day, 7 days a week.” SoFiUSD will also be supported on Mastercard's Multi-Token Network (MTN), a digital asset platform bridging fiat and digital currencies, enhancing interoperability across stablecoins, fiat, and tokenized deposits.
Bank-Grade Reserves and Compliance
SoFiUSD is fully backed 1:1 by cash for immediate redemption, ensuring liquidity for merchants and issuers while maintaining regulatory compliance. SoFi Bank plans to settle credit and debit transactions on the Mastercard network using SoFiUSD, and its Galileo platform will offer clients and issuing banks the option to settle directly in SoFiUSD, opening new avenues for payment flexibility.
Ecosystem Expansion and Market Data
SoFi and Mastercard will explore additional use cases for SoFiUSD, including programmable treasury applications, money movement, and payouts. Sherri Haymond, Mastercard's head of digital commercialization, said: “Bringing stablecoin settlement on our network will connect regulated stablecoins with the reliability, security, and reach that consumers, businesses, and financial institutions expect.” The stablecoin market currently sees daily transaction volumes around $30 billion, with issuance doubling in 2025 compared to the prior year.