Mastercard enables live stablecoin settlement on SoFi's $25 billion card program

Mastercard and SoFi Technologies announced that stablecoin settlement using SoFiUSD went live across SoFi Bank's debit and credit card program on September 22, 2026. SoFi Bank is migrating its entire $25 billion card program to blockchain-based transaction settlement using SoFiUSD, the first stablecoin issued by a nationally chartered bank. The settlement transactions are now live on the blockchain. SoFiUSD is fully redeemable 1:1 for U.S. dollars and backed primarily by cash reserves. The launch expands how card issuers, acquirers and merchants can manage settlement and liquidity through Mastercard's global payments network while bridging traditional financial systems with blockchain-based infrastructure. The companies announced this partnership in March 2026, making the transition from partnership announcement to live production environment within six months.

1. SoFi Technologies and Mastercard announced stablecoin settlement is now live across SoFi Bank's debit and credit card program.
2. SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement using SoFiUSD.
3. SoFiUSD is the first stablecoin issued by a nationally chartered bank.
4. Transactions are now live on the blockchain.
5. SoFiUSD is fully redeemable 1:1 for U.S. dollars and backed primarily by cash reserves.
6. The companies originally announced the partnership in March 2026.
7. The launch supports Mastercard's broader efforts to support stablecoin settlement across its global payments network.
8. SoFi is in active discussions with large merchants across the US regarding stablecoin-based settlement arrangements.