Mastercard and SoFi Technologies launched live stablecoin settlement for SoFi Bank N.A. debit and credit card programs. SoFi is the first nationally chartered bank to settle transactions using a stablecoin on Mastercard’s global payments network. This initiative moves the project from a March pilot phase into a live production environment.
SoFi is migrating its entire $25 billion card program to the new blockchain-based settlement system. The method uses SoFiUSD to provide merchants with near-instant access to funds 24/7. Merchants do not need to hold stablecoins or update infrastructure to utilize the system.
The companies plan to explore further applications for SoFiUSD. Future use cases include cross-border payments and international remittances.