SoFi launches $25B stablecoin settlement on Mastercard network, migrating entire card program

SentiSense · Published Sep 22, 2026, 8:45 AM ET · Updated Sep 28, 2026, 2:45 AM ET

SoFi Technologies and Mastercard have gone live with stablecoin settlement for SoFi's $25 billion debit and credit card program, using the bank‑issued SoFiUSD on Mastercard's global payments network. The rollout marks the first U.S. national bank to settle its full card portfolio with a digital dollar, and the news sent SoFi shares higher. The move aims to provide instant, zero‑cost settlement for merchants and expand cross‑border use cases.

SOFI said stablecoin settlement is now live across its entire $25 billion card program, with debit and credit transactions settling in SoFiUSD over MA Mastercard's global payments network. The partnership was announced in March, and SoFi Bank, N.A. says the rollout makes it the first nationally chartered U.S. bank to settle a full card portfolio with a bank-issued stablecoin. Transactions are live on the blockchain today.

The pitch is aimed at merchants rather than crypto holders. CEO Anthony Noto said merchants do not need to hold stablecoins, build new infrastructure or change how they operate, and can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock at zero cost. SoFiUSD is issued by SoFi Bank, an OCC-regulated national bank, is redeemable 1:1 for dollars and is backed primarily by cash reserves. Mastercard's Sherri Haymond described the launch as moving beyond exploration into a live production environment.

The market reaction was immediate: SOFI rose in Tuesday morning trading, though the size of the move differed by outlet: Stocktwits reported a gain of nearly 5% and the top-trending ticker slot, with retail sentiment flipping to bullish from bearish, while 24/7 Wall St. recorded a roughly 1% intraday gain at $17.14. The company expects the program to process more than $25 billion in annualized volume through SoFiUSD, and says it is exploring further use cases including cross-border payments and remittances.

What to watch from here is adoption rather than announcement. Merchant migration volumes will determine whether zero-cost instant settlement changes SoFi's economics or stays a marketing edge, and the redemption and liquidity mechanics of a bank-issued stablecoin at $25 billion of annualized volume have not been tested through a stress episode. Regulatory treatment of nationally chartered banks issuing stablecoins may also set the ceiling on how far this model can spread across card issuers.