SoFi moves entire card program to SoFiUSD stablecoin settlement

SoFi has begun settling its full debit and credit card program with Mastercard using its SoFiUSD stablecoin, shifting more than $25 billion in expected annualized volume to blockchain rails.

SoFi becomes first bank to settle live card transactions onchain with Mastercard. The move follows a March agreement and marks the first time a nationally chartered bank has used its own stablecoin for settlement across the Mastercard network. Transactions are now processed onchain while the bank migrates its complete card program to the new system.

Consumer experience remains unchanged while settlement moves faster. Cardholders continue to use standard Mastercard debit and credit cards without any visible difference. Merchants receive funds instantly in a SoFi Bank account and can withdraw to cash 24/7 at no cost without holding the token or integrating blockchain systems.

Stablecoin settlement replaces banking rails but keeps existing intermediaries. SoFi stated the change supplies an alternative blockchain-based settlement rail rather than removing Visa, Mastercard or banks from the process. The network continues to calculate obligations and manage interactions between participants.

Visa has already reported similar onchain settlement volumes. In April the company said its stablecoin settlement pilot reached a $7 billion annualized run rate after expanding to nine blockchains. SoFiUSD itself launched in December 2025 and became available to app users in May 2026.

Experts note potential efficiency gains but question automatic cost savings. Payments specialists said continuous settlement could reduce capital tied up across borders, yet conversion, compliance and integration costs must still be evaluated. SoFi plans to offer the option to other issuing banks through its Galileo platform and is exploring merchant settlement, cross-border payments and remittances.