SoFi Bank is migrating its entire card programme, which it expects to exceed $25 billion in annualised volume, to stablecoin settlement across Mastercard’s network, the two companies said on Tuesday. Debit and credit card transactions are now settling in SoFiUSD, the dollar stablecoin SoFi Bank launched in December 2025 on Ethereum and Solana. SoFi says it is the first US national bank to go live with stablecoin settlement on Mastercard’s global network.
The change sits behind the card rather than in front of it. Merchants do not need to hold SoFiUSD or alter their payment systems, and cardholders pay exactly as before. What moves is the settlement leg between SoFi and Mastercard, which on a public blockchain can run around the clock instead of waiting on banking hours. Chief executive Anthony Noto said the partners went from idea to live product in six months.
The more interesting part is who issues the token. SoFiUSD comes from an OCC-regulated, federally insured bank rather than a crypto-native issuer such as Circle or Tether, and it is fully reserved and redeemable one-for-one for dollars. That gives other banks a working template for bringing stablecoins inside the regulated system rather than competing with them from outside it. Mastercard’s Sherri Haymond framed the launch as proof that stablecoins matter once they solve everyday business problems.
The $25 billion is an expectation of annualised volume, not a tally of what has settled so far, and neither company has published the cost savings or settlement times the switch actually delivers. SoFi says it is in talks with large US merchants about settling in SoFiUSD directly, but it has named none. Until one signs, the token’s reach ends where SoFi’s own card book does.
