SoFi becomes first US national bank to implement stablecoin settlement with Mastercard

SoFi: SoFi is a digital financial services company and U.S. national bank offering banking, lending, and investing products through its app and platform. It recently launched SoFiUSD and began using the stablecoin for blockchain-based settlement of its full debit and credit card program on Mastercard's network. SoFi is also discussing the technology with major retailers and exploring cross-border payments and remittances alongside Mastercard. SoFiUSD: SoFiUSD is a U.S. dollar-pegged stablecoin issued by SoFi Bank that is redeemable 1:1 for USD and available on blockchains including Ethereum and Solana. It serves as the core technology enabling SoFi's shift of card settlements to blockchain while allowing merchants to receive funds in traditional bank accounts. The stablecoin has also been listed on crypto exchanges for broader trading and institutional access. Mastercard: Mastercard is a global payments technology company that operates a network connecting consumers, merchants, and financial institutions for card transactions. It has expanded its settlement infrastructure to support regulated stablecoins, including SoFiUSD, across multiple blockchains for faster and continuous processing options. The company partnered with SoFi on this stablecoin settlement initiative following a March agreement. Industry Expansion: Payment processors are integrating stablecoin-backed solutions through Mastercard's ecosystem to extend reach across countries and use cases. Fintech Partnerships: SoFi has linked its banking network and stablecoin to crypto platforms for round-the-clock dollar settlements and liquidity access. Stablecoin Settlement: Mastercard has expanded its infrastructure to support regulated stablecoins for intraday, weekend, and holiday card settlements across multiple blockchains.