SoFi Launches Stablecoin Settlements on Mastercard Network

SoFi launched the first stablecoin settlements in the United States on the Mastercard global payments network. The initiative utilizes the SoFiUSD stablecoin to clear debit and credit card transactions, moving the company's entire card portfolio to a blockchain settlement infrastructure.

Following an agreement reached in March, the program aims to process more than $25 billion in annualized volume. The system allows businesses to accelerate access to cash via blockchain without requiring merchants to hold SoFiUSD or change their current payment systems. SoFiUSD is currently available on the Solana and Ethereum blockchains.

Mastercard supports eight blockchain networks for its broader clearing strategies, including Base, Arbitrum, Canton, Solana, Tempo, and the XRP Ledger. The two companies are now exploring international payment options and discussing settlement arrangements with large U.S. merchants.