SoFi and Mastercard launch stablecoin settlement across $25 billion card program

SoFi Bank has begun settling transactions across its $25 billion card program using SoFiUSD, following a partnership with Mastercard to bring bank-issued stablecoin settlement to Mastercard’s global payments network.

The transactions are now live on the blockchain, the companies said Tuesday.

SoFiUSD is issued by SoFi Bank, an OCC-regulated nationally chartered bank, and is backed primarily by cash reserves and redeemable 1:1 for US dollars. The companies said the launch demonstrated how regulated stablecoins can be integrated into existing payment infrastructure.

SoFi is in talks with large US merchants about stablecoin-based settlement arrangements and expects to explore additional SoFiUSD use cases with Mastercard, including cross-border payments and remittances.

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