SoFi Launched Stablecoin Settlement on Mastercard

SoFi has become the first bank to utilize its own stablecoin for settling card transactions on the Mastercard network.

Updated on Sept. 22, 2026 in Financial Services

Isometric editorial illustration of a tall server cabinet connected by fiber-optic lines, representing high-speed digital financial transaction settlement. — SoFi has become the first bank to utilize its proprietary SoFiUSD stablecoin for settling card transactions directly on the Mastercard network. AI Illustration. Upload story photo >

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SoFi has officially commenced settling debit and credit card transactions using its SoFiUSD stablecoin through Mastercard. The initiative leverages the bank's proprietary digital currency, which is backed 1:1 by cash and cash-equivalent reserves.

Why it matters

The program aims to enhance the speed and efficiency of money movement for businesses by integrating blockchain technology into global payment rails. It marks a significant shift in how traditional financial institutions handle transaction settlement.

The initiative is expected to process over $25 billion in annualized volume using SoFiUSD, which is issued by the OCC-regulated SoFi Bank. Mastercard currently supports stablecoin settlement across eight distinct blockchain networks.

The players

SoFi

SoFi is a financial services company that offers a range of products including personal loans, credit cards, and banking services.

Mastercard

Mastercard is a global payments technology company that connects consumers, financial institutions, and merchants.

Galileo

Galileo is a financial technology platform that provides infrastructure for banks and fintech companies to build digital payment solutions.

SoFi Bank

SoFi Bank is an OCC-regulated institution that serves as the issuer for the SoFiUSD stablecoin.

The details

SoFiUSD, available on Ethereum and Solana, enables merchants to receive instant funds in their SoFi Bank accounts without needing to hold the stablecoin themselves. SoFi intends to extend this settlement capability to other issuing banks via its Galileo platform.

SoFiUSD launched in December 2025.
SoFi and Mastercard signed a settlement agreement in March 2026.
SoFiUSD became available to app users in May 2026.
Mastercard expanded its stablecoin support in June 2026.
The settlement program went live on September 22, 2026.

Market Landscape

This move integrates SoFi into Mastercard's multi-token blockchain settlement framework, positioning the bank at the forefront of digital asset adoption within traditional finance. The integration follows a broader trend where major payment networks are actively expanding their support for stablecoin-based transaction rails.

For the average SoFi banking user, this initiative represents a back-end modernization that could result in faster transaction processing speeds for merchants. While the average shopper may not interact with SoFiUSD directly, the increased efficiency of payment settlement aims to reduce friction in the broader card network.

The takeaway

The use of stablecoins for settlement reflects a move toward integrating blockchain efficiency into daily financial transactions. Investors and customers alike should note that this transition relies on 1:1 backing to ensure stability in the value of the digital currency.