SoFi Moves Its $25B Card Program to SoFiUSD Settlement
SoFiUSD stablecoin settlement is live across SoFi’s card program, with the companies projecting more than $25B in annualized volume once fully transitioned.
SoFi Technologies and Mastercard confirmed on September 22, 2026 that stablecoin settlement is now live across SoFi Bank, N.A.’s debit and credit card program. SoFi is migrating its entire $25 billion card program to settlement using SoFiUSD, with the companies projecting more than $25 billion in annualized volume once the transition completes.
SoFiUSD Settlement Goes Live Across Mastercard’s Network
SoFiUSD is issued by SoFi Bank, N.A., an OCC-regulated, nationally chartered bank, and transactions are live on the blockchain as of the announcement date, according to SoFi’s official release. The company says the launch lets card issuers, acquirers and merchants manage settlement and liquidity through existing payment infrastructure rather than adopting new rails.
Merchants do not need to hold stablecoins, build new infrastructure or change how they operate, per the announcement. Through SoFi’s Big Business Banking platform, merchants can receive settlement funds directly into a SoFi Bank account and withdraw to cash around the clock at zero cost – a mechanism similar in spirit to how major card networks have started exposing on-chain settlement data without disrupting merchant-side operations.
SoFiUSD is fully redeemable 1:1 for U.S. dollars and supported by reserves consisting primarily of cash, according to the release. The structure mirrors a broader push toward stablecoin settlement services built on top of established financial institutions, where the blockchain layer sits behind existing card-network rails rather than replacing them.
What SoFi and Mastercard Say About the Launch
“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. The six-month window traces back to the partnership the companies announced in March.
Noto’s statement frames the launch as a functional shift rather than a pilot: businesses gain faster access to settlement funds via blockchain speed while retaining the safeguards of a chartered bank, according to the release.
A Bank-Issued Stablecoin on Existing Payment Infrastructure
The announcement calls SoFiUSD the first stablecoin issued by a nationally chartered bank, distinguishing it from crypto-native issuers that operate outside the federal banking charter system. “Stablecoins become meaningful when they solve real problems that businesses face every day,” said Sherri Haymond, Global Head of Digital Commercialization at Mastercard. “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.”
Mastercard describes the milestone as part of a broader effort to support stablecoin settlement across its global network through a growing ecosystem of banks, fintechs and stablecoin issuers, though the release does not name additional confirmed partners tied to this specific rollout. SoFi says it is in active discussions with large U.S. merchants – ranging from multinational retailers to technology service platforms – about stablecoin-based settlement arrangements, an ongoing negotiation similar to other card-network settlement data initiatives still building out merchant participation.
Those merchant conversations remain unsigned as of the announcement, which keeps the immediate volume tied to SoFi’s own $25 billion card book rather than a wider third-party network yet.
Regulatory and Risk Structure of SoFiUSD
SoFiUSD is available for both institutional use and use by SoFi members, and it is redeemable 1:1 for U.S. dollars subject to applicable terms, per the release. But the company’s own disclosure draws a hard line around what the token is not: SoFiUSD is not a deposit, is not insured by the FDIC or SIPC, is not bank guaranteed, is not legal tender and may lose value.
That distinction matters for anyone weighing SoFiUSD against a standard bank deposit – the issuing entity carries a national charter, but the token itself doesn’t carry deposit-grade insurance. SoFi and Mastercard also flagged standard forward-looking risks in the filing, including regulatory shifts around digital assets, product security, and the outcome of any legal or governmental proceedings tied to either company.
Cross-Border Payments and Merchant Expansion
Beyond the card program migration, SoFi and Mastercard say they will explore additional SoFiUSD settlement opportunities on Mastercard’s network, including cross-border payments, remittances and other money-movement use cases – an ambition that echoes other institutional stablecoin deployments targeting cross-border settlement with minting and redemption controls built in.
None of this is finalized. SoFi’s release explicitly labels expectations around merchant discussions, future products and adoption as forward-looking statements that are not guarantees of performance. The real test is whether a named non-SoFi merchant shows up in a future release with disclosed settlement volume attached – until then, this is a captive rail running on SoFi’s own book.
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