SoFi goes live with Stablecoin Settlement across Mastercard's payments network
"SoFi Technologies, Inc. (NASDAQ: SOFI) and Mastercard (NYSE: MA) today announced that stablecoin settlement is now live across SoFi Bank, N.A.’s debit and credit card program, bringing stablecoin settlement through SoFiUSD, issued by a federally regulated bank, to Mastercard’s global payments network following the companies’ partnership[ announced in March](https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestors.sofi.com%2Fnews%2Fnews-details%2F2026%2FSoFi-and-Mastercard-Partner-to-Enable-SoFiUSD-Settlement-Across-Mastercards-Global-Payments-Network%2Fdefault.aspx&esheet=54608376&newsitemid=20260922545634&lan=en-US&anchor=announced+in+March&index=1&md5=a6c1082fa3bebe436ec95f93bfa4b737).
As part of the launch, SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement of transactions using SoFiUSD, the first stablecoin issued by a nationally chartered bank. Transactions are live on the blockchain today.
The launch expands how card issuers, acquirers and merchants can manage settlement and liquidity through trusted payment infrastructure, while providing a path to broader adoption of bank issued stablecoins in payments. It also highlights how bank issued stablecoins can operate alongside existing payment infrastructure, helping bridge traditional financial systems and blockchain-based networks.
While this launch marks a meaningful improvement in SoFi’s settlement operations, the product is not limited to use by SoFi Bank. SoFi is in active discussions with large merchants across the US regarding stablecoin-based settlement arrangements. These merchants range from large multinational retailers to technology service platforms. SoFi and Mastercard will also explore additional opportunities for SoFiUSD settlement on Mastercard’s network, including cross-border payments, remittances and other money movement use cases."
Source: [https://investors.sofi.com/news/news-details/2026/SoFi-Becomes-First-National-Bank-to-Go-Live-with-Stablecoin-Settlement-across-Mastercards-Global-Payments-Network/default.aspx](https://investors.sofi.com/news/news-details/2026/SoFi-Becomes-First-National-Bank-to-Go-Live-with-Stablecoin-Settlement-across-Mastercards-Global-Payments-Network/default.aspx)
I don't own or understands crypto that well but this seems like a major step towards fungibility of crypto.