SoFi Bank Moves Entire Card Business to Stablecoin Settlement, Sees Over $25B in Annualized Volume

SoFi Bank said it has used its own stablecoin, SoFiUSD, to settle transactions across Mastercard's entire card network, calling itself the first nationally chartered U.S. bank to do so, according to CrowdfundInsider. SoFi had previously estimated that moving all of its debit and credit card business to stablecoin settlement would generate more than $25 billion in annualized transaction volume. SoFi launched SoFiUSD in December 2025 and opened it to users in the SoFi app in May, with the Mastercard partnership announced in March. RS2 CEO Radi El Haj said stablecoin settlement has moved from a pilot stage to full production across the entire Mastercard network, operating underneath the existing card payment system without requiring consumers or merchants to change how they pay.