SoFi Bank is migrating its card program with over $25 billion in annualized volume to blockchain rails.
On September 22, 2026, Mastercard and SoFi Bank announced that live stablecoin settlement is active across SoFi debit and credit cards on Mastercard's global payments network. SoFiUSD is the first stablecoin issued by a nationally chartered, FDIC-insured U.S. bank for production card settlement. SoFi is migrating its entire card program, representing over $25 billion in annualized volume, onto blockchain rails.
SoFiUSD is fully reserved, redeemable one to one for cash, and operates on Ethereum and Solana. The asset settles across Mastercard's Multi-Token Network, placing counterparty risk inside the federal banking perimeter. The deployment follows a six-month development timeline between both companies. Mastercard previously expanded its settlement support in June 2026 to include nonbank tokens USDC, PYUSD, and RLUSD alongside SoFiUSD.
The implementation allows merchants using SoFi Big Business Banking to receive instant settlement around the clock without holding digital assets or modifying infrastructure. SoFi plans to expand the settlement capability to other issuing banks through its Galileo technology platform.
Stablecoins become meaningful when they solve real problems that businesses face every day. With SoFi, we're moving beyond exploration to implementation, bringing regulated stablecoin settlement into a live production environment while preserving the trust, scale and safeguards expected from Mastercard.
The launch marks a competitive test against Visa, which has reached $20 billion in annualized stablecoin settlement using nonbank tokens. While SoFi is exploring cross-border payments, future adoption will face capital and liquidity rules under OCC supervision, as well as the GENIUS Act enforcement deadline on January 18, 2027.
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