SoFi, Mastercard launch stablecoin settlement for $25 billion card program
SOFI•Merchant and cross-border settlement uses
Merchants can receive instant settlement into a SoFi Bank account, with 24/7 cash withdrawals at zero cost, without holding stablecoins.
SoFiUSD is issued by SoFi Bank, an OCC-regulated national bank, redeemable 1:1 for U.S. dollars, backed mainly by cash reserves.
The partners plan to pursue additional SoFiUSD settlement uses on Mastercard’s network, including cross-border payments and remittances.
SoFi expands card settlement to blockchain-based processing
SoFi Technologies partnered with Mastercard to launch stablecoin settlement across SoFi Bank’s debit and credit card program on Mastercard’s network.
SoFi is migrating its full card program to blockchain-based settlement using SoFiUSD, targeting more than USD 25 billion in annualized volume.
