Mastercard Goes Live With SoFiUSD Stablecoin Settlement for $25 Billion Card Program

On September 23, 2026, SoFi Bank officially migrated its entire debit and credit card program to a blockchain-based settlement model using its proprietary stablecoin, SoFiUSD, across Mastercard's global payments network.[3]

The transition moves digital asset settlement out of the pilot phase and into live production at a massive scale, with the program expected to process more than $25 billion in annualized transaction volume.[1][2]

SoFiUSD, which originally launched in December 2025, is the first stablecoin issued directly by a nationally chartered and insured U.S. deposit bank to be used for settlement across Mastercard's network.[1][2]

Because SoFi Bank, N.A. is regulated by the Office of the Comptroller of the Currency, the token is designed to maintain a strict 1:1 redemption value against the U.S. dollar and is backed primarily by cash reserves.[2][3]

For merchants and consumers, the underlying blockchain integration remains entirely invisible. Customers continue to swipe their physical or digital cards as usual, while the innovation occurs entirely within the back-end settlement layer where the bank and the network clear transactions.[3]

Through SoFi's Big Business Banking platform, merchants can receive settlement funds instantly into a SoFi Bank account and withdraw the funds as cash 24 hours a day, 7 days a week, at zero cost.[1][3]

“In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses,” SoFi CEO Anthony Noto said in a joint statement, referencing the initial partnership announced in March 2026.[3]

Sherri Haymond, Mastercard’s global head of digital commercialization, noted that the live deployment connects regulated stablecoins with the reliability and reach that financial institutions expect, solving real liquidity problems for businesses.[1]

The launch gives card issuers, acquirers, and merchants another way to manage settlement and liquidity through established payment infrastructure without requiring businesses to adopt new technology or hold stablecoins themselves.[2][3]

Following the announcement, SoFi shares traded higher, though the stock remains down roughly 42.4% over the past 12 months and sits 11.6% below its 200-day simple moving average.[2]

Looking ahead, the two companies are exploring additional use cases for the SoFiUSD settlement infrastructure, including cross-border remittances, B2B money transfers, and programmable treasury applications across the United States.[1]