SoFi Integrates SoFiUSD for Card Transaction Settlement on Mastercard Network

SoFi Technologies announced on September 22 that its subsidiary, SoFi Bank, has begun using its USD-pegged stablecoin, SoFiUSD, to settle debit and credit card transactions on the Mastercard network. SoFiUSD is issued by SoFi Bank, a national bank regulated by the Office of the Comptroller of the Currency (OCC), and is backed by cash-equivalent reserves. The bank is currently migrating its entire card program to blockchain-based settlement, with an expected annual transaction volume exceeding $25 billion. Merchants do not need to hold stablecoins or change their existing infrastructure to accommodate this process. Additionally, SoFi and Mastercard are exploring further use cases for SoFiUSD, including international payments and remittances.