Mastercard and SoFi Bring Stablecoin Settlement to Cards

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, per the release.

“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.”

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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 at expanding SoFiUSD settlement on Mastercard’s network to cross-border payments, remittance 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, FinTech, stablecoin issuers and other partners, per the release.

Mastercard and SoFi announced in March that they were going to enable SoFiUSD as a settlement option across Mastercard’s network and that they would explore additional use cases for stablecoin settlement.

SoFi launched SoFiUSD in December 2025, saying that because this stablecoin is on a public, permissionless blockchain, partners can move money 24/7 with near-instant settlement “at fractional-cent pricing.”

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 is an opportunity for growth and that Mastercard is embedding stablecoin orchestration and white-label wallet capabilities into its payments stack.