SoFi Technologies and Mastercard announced on September 22, 2026 that stablecoin settlement is now live across SoFi Bank, N.A.’s debit and credit card program, making SoFi Bank the first nationally chartered U.S. bank to use a bank-issued stablecoin for settlement across Mastercard’s network.
SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement using SoFiUSD, according to the joint announcement, with the program expected to process more than $25 billion in annualized volume and transactions already live on the blockchain.
The launch follows the March partnership between SoFi and Mastercard, when the companies announced plans to make SoFiUSD available as a settlement option across Mastercard’s network.
SoFi CEO Anthony Noto said merchants don’t need to hold stablecoins, build new infrastructure, or change how they operate, since through SoFi’s Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock at zero cost.
Mastercard’s Sherri Haymond said the companies are moving beyond exploration to implementation, bringing regulated stablecoin settlement into a live production environment while preserving the trust and safeguards expected from Mastercard.
What Changed With This Launch
SoFiUSD is a U.S. dollar stablecoin issued by SoFi Bank, N.A. Mastercard’s March announcement described it as the first stablecoin offered by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain, framing the partnership within a fast-growing market: roughly $30 billion is transacted in stablecoins per day, stablecoin issuance doubled in 2025 from the prior year, and more than 75% of crypto holders surveyed said they’d open a stablecoin wallet if their bank or fintech app offered one.
The live rollout moves the arrangement from a planned capability announced in March to actual settlement activity, comparable to the broader landscape covered in a roundup of 11 best crypto card options in 2026.
| SoFiUSD Settlement | Current Status |
| Issuer | SoFi Bank, N.A. |
| Payment network | Mastercard |
| Status | Live |
| Card transactions | Credit and debit |
| Annualized volume expected | $25 billion+ |
Table 1. Key details of SoFiUSD settlement on Mastercard’s network.
SoFiUSD is intended to maintain a 1:1 value with the U.S. dollar and is backed primarily by cash, according to SoFi’s current disclosures. The stablecoin is not itself a bank deposit and is not FDIC-insured, despite being issued by a nationally chartered bank.
The Scale This Connects To
SoFi’s broader platform provides significant existing distribution beyond this settlement capability. The company reported 15.8 million members, while its SoFi Tech Solutions platform, including Galileo, supports financial products across more than 134 million global accounts.
SoFi is already in active discussions with large merchants across the US, ranging from multinational retailers to technology service platforms.
How This Sits Inside Mastercard’s Network
A cardholder continues using a SoFi Mastercard as before, while SoFi Bank uses SoFiUSD to settle eligible transactions through the network, meaning the blockchain component doesn’t replace the card network or require merchants to accept SoFiUSD directly, a distinction relevant to how XRP and Mastercard’s partnership has similarly positioned blockchain settlement behind existing card infrastructure elsewhere.
Mastercard has been expanding its settlement options to include regulated stablecoins alongside existing fiat processes.
In June, the company announced plans to support settlement using USDC, PYUSD, USDG, USDP, RLUSD, and SoFiUSD across several blockchain networks, meaning SoFiUSD enters a broader initiative giving issuers and acquirers additional settlement options. SoFiUSD is also expected on the Mastercard Multi-Token Network, the company’s platform connecting traditional money with digital assets.
Why a Bank-Issued Stablecoin Still Isn’t a Deposit
SoFiUSD is issued by SoFi Bank, N.A., an OCC-regulated insured depository institution, and Mastercard said the stablecoin is fully reserved 1:1 by cash. SoFi’s disclosures clarify that SoFiUSD is not a deposit and is not FDIC-insured, despite being issued by a nationally chartered bank.
The structure combines three layers: SoFi Bank provides regulated banking and issuance infrastructure, Mastercard provides the payment network, and blockchain infrastructure provides the settlement rail.
Whether Galileo Could Extend This Beyond SoFi
The settlement capability isn’t necessarily limited to SoFi Bank. Galileo, part of SoFi’s broader technology platform, is expected to offer its payment-card clients and their issuing banks the option to settle transactions using SoFiUSD, a potential path to expand beyond SoFi’s own card portfolio, though no specific Galileo clients have been confirmed yet.
The March agreement also identified cross-border remittances, disbursements, B2B transfers, and other money-movement use cases as areas the companies could explore, though those remain separate from the current live rollout.
What Comes Next for SoFiUSD Settlement
SoFi and Mastercard are expected to explore additional applications for SoFiUSD across Mastercard’s network, including cross-border payments and other money-movement use cases. The next test will be whether settlement expands beyond SoFi Bank’s own card program into additional issuers, acquirers, and payment applications.
What this means for you: SoFiUSD is now being used behind SoFi Bank’s Mastercard-powered card transactions, so consumers can continue using their cards without directly interacting with the stablecoin. The more significant development is that a bank-issued stablecoin is now part of a live settlement process connected to an established global card network.
This article is for informational purposes only and does not constitute financial or investment advice. Stablecoins and blockchain-based settlement involve regulatory, technology, liquidity, custody, operational, and counterparty risks. SoFiUSD is not a bank deposit and is not FDIC-insured. Product availability and future applications remain subject to regulatory requirements and network rules.
