SoFi Technologies has partnered with Mastercard to enable settlement of card transactions using its dollar-backed stablecoin, SoFiUSD, across Mastercard’s global payments network. The agreement allows issuers and acquirers to settle credit and debit transactions using a bank-issued digital dollar integrated directly into traditional payment rails.
Under the arrangement, SoFi Bank N.A. intends to settle its own Mastercard credit and debit transactions in SoFiUSD. In parallel, Galileo, SoFi’s payments technology platform, will provide client banks and card issuers the option to use the stablecoin for settlement across Mastercard’s network.
The company stated that SoFiUSD is the first stablecoin issued by a U.S. nationally chartered and insured deposit bank operating on a public, permissionless blockchain, enabling continuous 24/7 settlement.
Launched in December, SoFiUSD is issued by SoFi Bank, an OCC-regulated insured depository institution, and is backed 1:1 by cash reserves. Mastercard’s Multi-Token Network is expected to support the stablecoin alongside fiat currencies, tokenized deposits, and other digital assets, reflecting a broader push toward programmable and interoperable payment infrastructure.
The integration of SoFiUSD into Mastercard’s network reflects an accelerating convergence between regulated banking institutions, global card networks, and blockchain-based settlement systems.
Source: Official announcement from SoFi Technologies and Mastercard
Disclaimer: This content is for informational purposes only and does not constitute financial advice or an investment recommendation. Digital assets and stablecoins involve regulatory, technological, and market risks.
