SoFi Technologies and Mastercard said on September 22, 2026 that stablecoin settlement is live across SoFi Bank, N.A.'s debit and credit card program on Mastercard’s network. SoFi is moving its entire card program, which it expects to process more than $25 billion in annualized volume, to settlement in SoFiUSD. The stablecoin is issued by SoFi Bank, an OCC-regulated national bank.

What the announcement says

  • Scope. SoFi Bank “is migrating its entire $25 billion card program to stablecoin settlement of transactions using SoFiUSD.” The release says “transactions are live on the blockchain today.” It does not name the blockchain or say when the migration will be complete.
  • The token. SoFiUSD is “fully redeemable 1:1 for U.S. dollars and supported by reserves consisting primarily of cash.” It is available for institutional use and to SoFi members. SoFi calls it “the first stablecoin issued by a nationally chartered bank.”
  • Merchants. Through SoFi’s Big Business Banking platform, merchants can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock at no cost, according to the release.
  • Pipeline. SoFi says it is in active discussions with large U.S. merchants, from multinational retailers to technology platforms, about stablecoin-based settlement. The two companies will explore cross-border payments, remittances and other uses.
  • Scale. The release puts SoFi at 15.8 million members, with SoFi Tech Solutions serving over 134 million accounts through partner banks and brands.

“In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses,” said Anthony Noto, CEO of SoFi. “Merchants do not need to hold stablecoins, build new infrastructure or change how they operate.”

Sherri Haymond, Global Head of Digital Commercialization at Mastercard, said: “With SoFi, we’re moving beyond exploration to implementation, bringing regulated stablecoin settlement into a live production environment while preserving the trust, scale and safeguards expected from Mastercard.”

What it changes for card issuers and platforms

Settlement is the step in which funds move between the card network and the issuing and acquiring banks. The release describes no change for cardholders. What changes is the asset used to settle and, per the release, how quickly merchants can reach their funds.

The launch follows the partnership the two companies announced on March 3, 2026. That release said Galileo, SoFi’s technology platform, is expected to be among the first to offer its payment card clients and their issuing banks the choice to settle in SoFiUSD. It also said SoFiUSD is expected to be supported on the Mastercard Multi-Token Network, subject to regulatory considerations and network rules. The September 22 release does not say that Galileo clients can settle in SoFiUSD yet.

For fintechs that run card programs through a sponsor bank, this is a live case of a bank-issued stablecoin carrying settlement for a full card program. Our provider directory lists issuer processors and card issuing platforms. Our sponsor banks directory covers the banks behind fintech card programs. For how business payments sit inside software platforms, see b2b embedded finance.

What to watch next

  • Completion of the migration. The release says SoFi is migrating the program but gives no end date.
  • Galileo clients. Whether issuing banks on Galileo receive the SoFiUSD settlement option described in March.
  • Merchant deals. SoFi names no merchants yet.
  • GENIUS Act rules. Federal regulators are still finalizing rules for payment stablecoin issuers. The Act takes effect on January 18, 2027, or 120 days after final rules if earlier, according to the Federal Reserve’s September 24 staff memo.