SoFi begins stablecoin settlement on Mastercard network for program expected to exceed $25 billion in annualized volume

Mastercard and SoFi Technologies have launched stablecoin settlement for transactions on SoFi Bank's debit and credit card program, according to a press release on September 22. SoFi Bank plans to migrate its entire $25 billion card program to use stablecoin settlement through SoFiUSD, a U.S. dollar-backed stablecoin issued by SoFi Bank.

This move enables instant settlement funds in SoFi Bank accounts, with 24/7 cash withdrawal options at no cost. Mastercard's global head of digital commercialization, Sherri Haymond, highlighted the offering as a practical application of stablecoins that provide businesses with faster access to funds while maintaining the necessary safeguards.

Mastercard and SoFi are planning to expand the use of stablecoin settlement to cross-border payments, remittance, and other money movement use cases, as well as exploring stablecoin-based settlement arrangements with large merchants in the U.S. SoFiUSD was introduced in December 2025, allowing for near-instant, low-cost transactions on a public, permissionless blockchain.

Mastercard's CFO, Ling Hai, expressed that stablecoin and digital asset infrastructure presents a growth opportunity for the company, and they are integrating stablecoin orchestration and white-label wallet capabilities into their payments stack.