SoFi Moves $25 Billion Mastercard Program Onto Stablecoin Rails

Published:Sep 22, 2026, 7:43 PM EDTSoFi Moves $25 Billion Mastercard Program Onto Stablecoin Rails

Mastercard welcomed SoFi on Tuesday as the first nationally chartered bank to begin settling card transactions with stablecoins via the financial giant’s network. SoFi will use stablecoin settlement for its entire card program, which is expected to process $25 billion annually.

WRITTEN BYAndrew HaywardSHAREPublished: Sep 22, 2026, 7:43 PM EDT

Key Takeaways

• SoFi is the first national bank to settle card transactions via blockchain in partnership with Mastercard.
• The firm will migrate its full credit and debit card program to settle with its SoFiUSD stablecoin.
• SoFi is also in talks with major merchants to expand stablecoin settlement, including for cross-border payments.

SoFi Makes Major Stablecoin Move

SoFi has become the first nationally chartered bank to route card transactions through blockchain-based settlement on Mastercard’s global network, the companies announced Tuesday, marking a significant step in the mainstreaming of bank-issued digital currency.

The San Francisco-based financial firm is shifting its entire debit and credit card program—an operation that is expected to process roughly $25 billion annually—to settle transactions using SoFiUSD, a stablecoin it began issuing this year.

Transactions were already moving through the blockchain as of Tuesday, the companies said. The rollout builds on a partnership between SoFi and Mastercard first revealed in March.

SoFiUSD is backed primarily by cash reserves and can be redeemed for U.S. dollars on a one-to-one basis, per the announcement. Regulators at the Office of the Comptroller of the Currency oversee SoFi Bank, N.A., which issues the token. The companies noted, however, that the stablecoin is not a bank deposit and carries no FDIC or SIPC insurance.

“In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses,” said SoFi CEO Anthony Noto, in a statement. He added that thanks to the move, “businesses have faster access to their money via the speed of blockchain, with the safeguards of a bank.”

The move is part of a broader push by Mastercard to weave stablecoins into its existing rails as banks, fintechs and crypto issuers race to build settlement infrastructure on blockchain networks.

For SoFi, the launch is intended to be only a starting point: the company said it is in talks with large retailers and technology platforms about adopting similar settlement arrangements, and that it plans to explore additional applications with Mastercard, including cross-border payments and remittances.

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