SoFi launches stablecoin card settlement on Mastercard, projecting over $25 billion a year

SoFi has started using its own stablecoin to move real money across one of the largest payment networks in the world. On September 22, 2026, SoFi Bank began settling its debit and credit card program with SoFiUSD on Mastercard’s global network. The company projects the program will process more than $25 billion in transactions each year. SoFi claims this makes it the first national bank in the US to run live stablecoin settlement across Mastercard’s network. Cardholders will notice absolutely nothing, which is exactly how SoFi wants it. How SoFiUSD settlement actually works Think of a card payment as two separate events. The swipe at the register is what you see. Settlement is the quieter step afterward, when funds actually travel between the institutions involved. That token is SoFiUSD. It is fully reserved, regulated by the Office of the Comptroller of the Currency (OCC), and redeemable 1:1 for US dollars. Its reserves consist of cash or cash equivalents. One important caveat: SoFiUSD is not FDIC-insured, so it does not carry the same protection as a standard bank deposit. The stablecoin lives on public blockchains, starting with Ethereum and Solana. That setup allows settlement ...