SoFi Technologies moved its entire card program to blockchain-based settlement on September 22, 2026, after its SoFiUSD stablecoin went live across Mastercard’s global payments network. The announcement sent SoFi stock up roughly 3% in regular trading, following pre-market gains of about 4.30% to $17.70.
SoFi Bank is migrating debit and credit card settlement to SoFiUSD, targeting more than $25 billion in annualized transaction volume. The company said SoFiUSD is the first stablecoin issued by a nationally chartered U.S. bank, regulated by the Office of the Comptroller of the Currency, and redeemable 1:1 for U.S. dollars with reserves held primarily in cash.
SoFi and Mastercard first announced the partnership in March. The launch makes the arrangement fully live roughly six months later. SoFi CEO Anthony Noto said merchants can use blockchain-based settlement without changing how they operate, while gaining faster access to funds through bank accounts. Mastercard's Sherri Haymond said the companies were bringing regulated stablecoin settlement into production while keeping the safeguards and scale of Mastercard’s existing network.
Merchants do not need to hold stablecoins or build blockchain infrastructure. Settlement can reach a SoFi Bank account through the Big Business Banking platform, and businesses can withdraw funds as cash around the clock at no cost. SoFi said it is already in talks with large U.S. merchants, including multinational retailers and technology service platforms.
The rollout follows Mastercard’s earlier expansion of stablecoin settlement options. In June, Mastercard added six regulated stablecoins to its planned settlement infrastructure, including Circle’s USDC, PayPal USD, Global Dollar, Pax Dollar, Ripple USD and SoFiUSD. Supported networks included Ethereum, Solana, Polygon, Base, Arbitrum, Canton, Tempo and the XRP Ledger. Mastercard also completed its acquisition of BVNK in August in a deal valued at up to $1.8 billion.
SoFi and Mastercard plan to explore additional use cases for SoFiUSD, including international payments, remittances and other money movement. SoFi has separately partnered with Kraken to list SoFiUSD and connect institutional clients to bank-based dollar settlement.
