SoFi And Mastercard Activate First Nationally Chartered Stablecoin Settlement Network

@SoFi Technologies (NASDAQ: SOFI) and @Mastercard (NYSE: MA) have announced that stablecoin settlement is now live across SoFi Bank, N.A.As part of the launch, SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement of transactions using SoFiUSD, the first stablecoin issued by a nationally chartered bank.

SoFiUSD, the company's fully reserved U.S. dollar stablecoin, is the first stablecoin offered by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain.SoFiUSD is issued by SoFi Bank, an OCC-regulated, nationally chartered bank. The stablecoin is redeemable 1:1 for U.S. dollars and backed by reserves consisting primarily of cash.

From Pilot to Full Production

The move to full production follows the companies' partnership first announced in March, bringing SoFiUSD, issued by a federally regulated bank, to Mastercard's global payments network.The launch expands how card issuers, acquirers and merchants can manage settlement and liquidity through trusted payment infrastructure, while providing a path to broader adoption of bank-issued stablecoins in payments.

In June 2026, Mastercard announced plans to expand its settlement capabilities with additional intraday, weekend and holiday card settlement, supporting both fiat currencies and on-chain card settlement using regulated stablecoins. Mastercard said the enhancements were intended to give issuers and acquirers greater flexibility in how they settle card-based transactions across its global payments network, particularly for cross-border payments, treasury and payouts.

SoFiUSD is currently available on Ethereum and Solana, while Mastercard's broader stablecoin settlement plans encompass eight blockchain networks: Arbitrum, Base, Canton, Ethereum, Polygon, Solana, Tempo, and the XRP Ledger.

Merchants and Broader Adoption in Sight

The product is not limited to use by SoFi Bank. SoFi is in active discussions with large merchants across the U.S. regarding stablecoin-based settlement arrangements, ranging from large multinational retailers to technology service platforms.

The launch also highlights how bank-issued stablecoins can operate alongside existing payment infrastructure, helping bridge traditional financial systems and blockchain-based networks.SoFiUSD was made available to SoFi members to buy, sell, hold and convert directly within the SoFi app on May 27, 2026, marking the first time a U.S. national bank-issued stablecoin was available directly on a banking app.

Sources:SoFi Investor Relations: SoFi Becomes First National Bank to Go Live with Stablecoin Settlement across Mastercard's Global Payments NetworkMastercard Press Release: SoFi and Mastercard Partner to Enable SoFiUSD SettlementThe Block: SoFi Begins Stablecoin Settlement on Mastercard Network