Mastercard to Pilot 24/7 SoFiUSD Settlement as Crypto Card Competition Intensifies
Mastercard will pilot SoFiUSD stablecoin settlement across its Multi-Token Network, enabling 24/7 card transaction settlements and targeting cross-border remittances and B2B transfers. Bitget Wallet rolled out a zero-fee crypto card in 11 Latin American countries with 1.7% transaction fee rebates, intensifying competition in digital payments.
1. Mastercard and SoFiUSD Pilot Program
Mastercard is partnering with SoFi to test SoFiUSD as a settlement option across its global Multi-Token Network. The pilot aims to enable issuers and acquirers to settle card-based transactions using a fully reserved US dollar stablecoin, supporting 24/7 settlement, cross-border remittances and B2B transfers, with Galileo integration planned.
2. Competitive Pressure from Bitget’s Crypto Card
Bitget Wallet has launched a zero-fee crypto payment card in 11 Latin American countries, allowing users to spend stablecoins from self-custodial wallets with automatic USD conversion and 1.7% transaction fee rebates. This expansion highlights growing competition in stablecoin-based card services that could challenge traditional payment network volumes.