SoFi and Mastercard integrate SoFiUSD stablecoin into card payments

SoFi Technologies and Mastercard have launched a new payment integration that utilizes SoFi Bank’s stablecoin, SoFiUSD, for debit and credit card transactions. This marks the first instance of a stablecoin issued by a U.S. national bank being fully operational within Mastercard’s global payment network.

SoFiUSD is a stablecoin issued by SoFi Bank under the regulation of the Office of the Comptroller of the Currency (OCC), designed to maintain a 1:1 peg with the U.S. dollar. The initiative aims to migrate card program settlements to a blockchain-based infrastructure, with SoFi projecting an annual transaction volume exceeding $25 billion through SoFiUSD.

A key feature of the rollout is that merchants do not need to hold stablecoins or build new infrastructure; they receive funds through SoFi’s existing banking services. The companies are also exploring future applications for the technology, including cross-border payments and remittances.