SoFi Launches Mastercard Network Stablecoin Settlement with Annual Transaction Volume Exceeding $25 Billion

Digital bank SoFi has begun settling transactions using its stablecoin SoFiUSD on the Mastercard payment network, with an expected annual transaction volume exceeding $25 billion. SoFiUSD is issued by SoFi Bank and is backed by a 1:1 cash reserve, making it the first U.S. dollar stablecoin issued on a public blockchain by a licensed U.S. bank. The partnership was announced in March 2026, allowing issuers and acquirers to settle card transactions using SoFiUSD, with plans to support cross-border remittances, B2B payments, and other scenarios. SoFi's technology platform, Galileo, will provide this settlement option to partner banks.

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