SoFi Technologies has partnered with Mastercard to allow transactions on Mastercard’s global payments network to be settled in SoFiUSD, the dollar-backed stablecoin issued by SoFi Bank. The arrangement makes it possible for issuers and acquirers to use a bank-issued digital dollar for card-transaction settlement.
Under the deal, SoFi Bank N.A. will settle its own Mastercard credit and debit card flows in SoFiUSD. SoFi’s payments arm, Galileo, will offer client banks and card issuers the option to settle Mastercard-network transactions using the stablecoin.
SoFi describes SoFiUSD as the first stablecoin issued by a U.S. nationally chartered, FDIC-insured deposit bank on a public, permissionless blockchain. Launched in December, the token is issued by OCC-regulated SoFi Bank and is backed 1:1 by cash reserves. Mastercard plans to support SoFiUSD on its Multi-Token Network alongside fiat currencies, tokenized deposits and other digital assets, potentially enabling near round-the-clock settlement.
Both companies say they will explore additional uses—subject to applicable regulatory requirements and Mastercard network rules—such as cross-border remittances, business-to-business transfers, programmable treasury functions and card programs that use stablecoins for settlement.
Mastercard’s announcement follows other moves in the stablecoin space. In November, Mastercard teamed with Thunes to expand stablecoin wallet payouts via Mastercard Move, enabling near real-time transfers to regulated stablecoin wallets.
Visa has made parallel advances. In September, Visa tested stablecoin-based cross-border settlement in a Visa Direct pilot that used Circle’s USDC and EURC for pre-funded international transfers, later expanding support to four stablecoins across four blockchains and enabling conversion into more than 25 fiat currencies. Visa has also trialed direct stablecoin payouts that let businesses send funds straight to recipients’ stablecoin wallets. In Europe, Quantoz Payments became a principal Visa member, enabling Visa-branded debit cards tied to regulated e-money tokens and supporting stablecoin-linked fintech products.
The broader stablecoin market remains substantial. DeFiLlama reported a total stablecoin market capitalization of roughly $311.28 billion at the time of writing, and CoinLedger noted record transaction volumes of $969.9 billion in August 2025, with forecasts approaching $1 trillion monthly by December 2026.
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