SoFi Bank becomes the first national bank to settle its debit and credit card program on Mastercard’s network using its SoFiUSD stablecoin.
Mastercard and SoFi Technologies are now using stablecoin settlement across SoFi Bank, N.A.’s debit and credit card program, SoFi said in a Tuesday (Sept. 22) press release.
SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement of transactions, according to the release. The program uses SoFiUSD, a U.S. dollar-backed stablecoin issued by SoFi Bank, together with Mastercard’s global payments network.
“Through SoFi’s Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock and at zero cost,” SoFi CEO Anthony Noto said in the release. “That means businesses have faster access to their money via the speed of blockchain, with the safeguards of a bank.”
Sherri Haymond, global head of digital commercialization at Mastercard, said in the release that the offering is an example of how stablecoins can solve real problems for businesses. “With SoFi, we’re moving beyond exploration to implementation, bringing regulated stablecoin settlement into a live production environment while preserving the trust, scale and safeguards expected from Mastercard,” Haymond said. “This is another step toward giving businesses more choice in how money moves.”
Mastercard and SoFi are exploring additional uses of stablecoin settlement, together and independently. The two companies are looking to expand SoFiUSD settlement on Mastercard’s network to cross-border payments, remittances, and other money-movement use cases. SoFi is discussing stablecoin-based settlement arrangements with large merchants across the United States, and Mastercard is supporting stablecoin settlement across its network with a growing ecosystem of banks, fintechs, stablecoin issuers and other partners, according to the release.
Mastercard and SoFi announced in March that they would enable SoFiUSD as a settlement option across Mastercard’s network and explore additional use cases for stablecoin settlement. SoFi launched SoFiUSD in December 2025, saying that because the stablecoin runs on a public, permissionless blockchain, partners can move money around the clock with near-instant settlement “at fractional-cent pricing.”
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Noto said during a July earnings call that SoFi’s cryptocurrency business is settling transactions in the stablecoin and that commercial banking customers can use it for payments. Mastercard Chief Financial Officer Ling Hai said Sept. 10 that stablecoin and digital asset infrastructure represents an opportunity for growth, and that Mastercard is embedding stablecoin orchestration and white-label wallet capabilities into its payments stack.
