SoFi has brought stablecoin settlement to its debit and credit card program through the Mastercard global payments network. The move puts SoFiUSD, a dollar-based stablecoin issued by SoFi Bank, at the center of a card program that is expected to process more than $25 billion in annualized volume.
The new system is live as of September 22, 2026. SoFi says its full card program will use blockchain-based settlement through SoFiUSD. This makes SoFi the first national bank to go live with stablecoin settlement across Mastercard’s global payments network.
The change is important because card payments have usually relied on traditional financial systems for settlement. SoFi and Mastercard now use blockchain as part of that process, while customers can continue to use their cards in the usual way.
The $25 Billion Card Program
SoFi Bank is moving its entire card program to stablecoin settlement. The program covers both debit and credit cards and has an expected annualized volume of more than $25 billion.
This does not mean customers must pay for goods with SoFiUSD. The stablecoin works behind the scenes as a settlement asset. A person can use a SoFi card at a store just as they did before. The main change takes place in the process that moves funds between the parties after a card transaction.
SoFi says transactions are now live on the blockchain. This gives the bank a way to use digital assets within a large payment network without forcing customers or merchants to change their normal payment habits.
That point matters because one of the biggest barriers to new payment technology is the need for businesses to adopt new systems. SoFi says merchants do not need to hold SoFiUSD or build new infrastructure to use the service.
What Is SoFiUSD?
SoFiUSD is a U.S. dollar stablecoin issued by SoFi Bank, N.A. It is designed to keep a value equal to one U.S. dollar and is fully reserved at a 1:1 ratio with cash or cash equivalents. SoFi says the reserves are held primarily as cash balances at the Federal Reserve.
Unlike Bitcoin or other assets whose prices can move sharply, a stablecoin aims to maintain a steady value against a traditional currency. In this case, that currency is the U.S. dollar.
SoFiUSD was created for payments, settlement, institutional use and other financial services. The company describes it as the first stablecoin issued by a U.S. nationally chartered bank on a public blockchain.
This bank connection is a key part of SoFi’s strategy. The company wants blockchain-based money movement to work alongside its existing banking services rather than exist as a separate system.
How Mastercard Fits Into the Plan
Mastercard provides the global payment network that supports the card transactions. SoFi and Mastercard first announced their expanded partnership in March 2026.
At that time, the companies said SoFiUSD would become a settlement option across Mastercard’s network. The plan also covered SoFi Bank’s own debit and credit card transactions. Mastercard’s Multi-Token Network was also set to support SoFiUSD as part of a wider effort to connect digital assets with traditional money.
Six months later, the plan has moved from an announced project to a live system.
The new setup allows blockchain-based settlement while Mastercard continues to provide the payment network that connects banks, merchants and other participants. This combination gives SoFi access to established payment infrastructure while it adds a digital asset layer to the settlement process.
Merchants Do Not Need SoFiUSD
One of the most important details is that merchants do not have to own or manage SoFiUSD.
According to SoFi CEO Anthony Noto, merchants can receive settlement funds through a SoFi Bank account and then withdraw the money as cash. SoFi says this can happen around the clock at no cost through its Big Business Banking platform.
This could make the system easier for businesses to use. A merchant does not need to create a crypto wallet, buy a stablecoin or change its current payment setup.
The blockchain work takes place in the settlement layer. From the merchant’s point of view, the result can still arrive as normal bank money.
That is one reason this launch is different from a simple crypto payment product. The goal is not to make every merchant use crypto directly. Instead, SoFi and Mastercard are using blockchain technology behind the existing payment experience.
Faster Access to Settlement Funds
Traditional payment settlement can involve delays, especially outside normal business hours. Blockchain networks can operate at any time of day.
SoFi has said that its stablecoin system can support settlement 24 hours a day, seven days a week. This includes periods such as weekends and holidays, when traditional financial systems may have limited settlement windows.
For businesses, faster access to funds can matter. A merchant may want to use card revenue soon after a sale rather than wait for a later settlement cycle.
The exact benefits will depend on how the system operates for each participant. Still, the basic goal is clear: use blockchain to reduce delays in the movement of money while keep the familiar card network in place.
SoFiUSD Has Other Uses Too
The Mastercard deal is only one part of SoFi’s larger plan for its stablecoin.
SoFi has also built Big Business Banking, a service that allows companies to manage fiat money and crypto assets through one regulated banking platform. The system supports 24-hour money movement and can work with fiat currency, SoFiUSD and selected crypto assets.
The company has also used SoFiUSD for crypto-related activity. SoFi executives have described the stablecoin as payment infrastructure rather than only an asset for consumers to hold.
SoFi has also pointed to future uses such as cross-border payments, remittances and business transfers. The March agreement with Mastercard included plans to explore these areas.
This means the card program could serve as one part of a much larger payment system.
Why This Matters for Stablecoins
Stablecoins have moved beyond their early role in crypto trading. Banks, payment firms and financial technology companies now explore them as tools for moving dollar value.
The main attraction is simple. A stablecoin can represent dollar value on a blockchain and move through digital networks at any hour.
SoFi’s latest move gives that idea a direct connection to a large card network. The company is not creating a separate payment system from scratch. It is placing a stablecoin into a system that already handles card payments at a global scale.
Mastercard has also worked on stablecoin settlement with other partners. Its March agreement with SoFi described the goal as a way to connect regulated stablecoins with the reach and safeguards of its payment network.
The September launch shows that this work has now reached a live stage for SoFi’s own card program.
What Customers Will Notice
For most SoFi card users, the change may not look very different on the surface.
A customer can still use a SoFi debit or credit card at a merchant that accepts Mastercard. The customer does not need to understand blockchain technology or own SoFiUSD to complete a normal card purchase.
The main change happens after the transaction, when funds move between the financial institutions involved in the payment.
This approach could help blockchain technology reach more people without asking them to learn how crypto wallets or digital assets work. The technology stays in the background while the normal payment experience remains familiar.
A New Role for Bank-Issued Stablecoins
SoFi’s move also gives bank-issued stablecoins a larger role in the payment sector.
SoFiUSD is issued by a nationally chartered bank and is fully reserved on a 1:1 basis with U.S. dollar reserves. Its use across a major card program gives the stablecoin a direct connection to real payment activity.
The scale is also notable. More than $25 billion in annualized card volume is expected to pass through the program.
That does not mean $25 billion has already moved through SoFiUSD. It is the expected annualized volume for the card program. The distinction matters because the system has only now gone live.
What Comes Next for SoFi and Mastercard
SoFi and Mastercard have already discussed more uses for SoFiUSD. These include cross-border payments, remittances, disbursements and other forms of money movement. Any such expansion would remain subject to regulations and Mastercard network rules.
The companies may also offer similar settlement options to other banks through SoFi’s Galileo technology platform. The March agreement said Galileo would be among the first platforms to offer clients and issuing banks a choice to settle transactions with SoFiUSD.
If that plan expands, SoFiUSD could move beyond SoFi’s own card business and become part of a wider financial infrastructure.
For now, the main milestone is clear. SoFi has moved its full card program toward blockchain-based settlement, with transactions live through SoFiUSD on Mastercard’s global network.
The program is expected to exceed $25 billion in annualized volume, while merchants can continue to use familiar payment systems without the need to hold stablecoins.
The launch marks a direct link between traditional card payments and blockchain settlement. For SoFi, it is a major use case for SoFiUSD. For Mastercard, it adds another live stablecoin settlement system to its global network. And for the wider crypto sector, it shows how stablecoins can serve as payment infrastructure rather than only as crypto trading tools.
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