SoFi Technologies has moved its credit and debit card program, which processes more than $25 billion in annualized volume, to settlement using its bank-issued SoFiUSD stablecoin across Mastercard’s payment network.
The move marks the operational launch of the partnership between SoFi and Mastercard announced earlier this year. SoFiUSD is a U.S. dollar-backed stablecoin issued by SoFi Bank, N.A., a nationally chartered and insured U.S. bank.
Under the arrangement, SoFi Bank can settle its Mastercard-powered credit and debit card transactions using SoFiUSD. The companies are also expanding the settlement option through Galileo, SoFi’s technology platform, allowing participating banks and card issuers to use the stablecoin for transactions processed across Mastercard’s network.
SoFi said the stablecoin is fully reserved on a 1:1 basis with cash and is designed to support immediate redemption. The company also plans to use the system as a foundation for offering stablecoin settlement services to other financial institutions through Galileo.
The partnership could allow transactions to be settled using digital dollars around the clock rather than relying exclusively on traditional settlement processes. SoFi and Mastercard are also exploring additional applications, including cross-border remittances, business-to-business transfers, payouts and programmable treasury functions.
Mastercard is separately expanding its infrastructure for stablecoin payments. The company has said its Multi-Token Network will support SoFiUSD, with the aim of connecting stablecoins and traditional forms of money across its payments ecosystem.
SoFi launched SoFiUSD for customers through its financial app in May 2026, making the stablecoin available to millions of users. The token operates on public blockchains and is positioned by the company as a digital-dollar product within its broader banking and financial services ecosystem.
The latest development gives SoFi a large-scale environment to process transactions using its own stablecoin while Mastercard gains another route for integrating regulated digital assets into its existing payment infrastructure.
Both companies have indicated that the partnership could expand beyond SoFi’s own card transactions. Galileo is expected to offer SoFiUSD settlement to additional clients and issuing banks, subject to applicable regulations and Mastercard network rules.
The development comes as major financial institutions and payment companies increasingly explore stablecoins for settlement and cross-border money movement. Rather than replacing existing card networks, stablecoins are increasingly being tested as an additional layer for moving and settling funds behind traditional payment systems.
