SoFi Stock: What the Mastercard SoFiUSD Settlement Deal Means

TLDR

• SoFi Technologies has partnered with Mastercard to allow card transaction settlement using its SoFiUSD stablecoin across Mastercard’s global payments network.
• SoFiUSD is the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain.
• SoFi Bank plans to settle its own Mastercard credit and debit transactions in SoFiUSD, with Galileo offering the same option to client banks.
• The stablecoin is backed 1:1 by cash reserves and supports 24/7 settlement — something traditional banking rails don’t offer.
• The two companies will also explore cross-border remittances, B2B transfers, programmable treasury applications, and stablecoin-enabled card programs.

SoFi Technologies and Mastercard announced on March 3 a partnership to enable SoFiUSD as a settlement option across Mastercard’s global payments network.

SoFiUSD, launched in December, is issued by SoFi Bank N.A., an OCC-regulated insured depository institution. It is fully backed 1:1 by cash reserves, meaning every digital dollar has a real dollar sitting behind it.

SoFi says this makes SoFiUSD the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain. That’s a meaningful distinction in a market crowded with less-regulated alternatives.

SoFi Technologies, Inc., SOFI

Under the deal, SoFi Bank plans to begin settling its own Mastercard credit and debit transactions in SoFiUSD. That gives the bank a live, real-world use case from day one.

Galileo, SoFi’s payments technology platform, will also offer client banks and card issuers the option to settle transactions in SoFiUSD across Mastercard’s network. Galileo serves a wide range of fintechs and financial institutions, which could extend the stablecoin’s reach quickly.

One of the practical selling points is timing. SoFiUSD enables settlement 24 hours a day, seven days a week — unlike traditional systems that pause on nights and weekends.

Mastercard’s Expanding Stablecoin Play

Mastercard’s Multi-Token Network (MTN) is expected to support SoFiUSD alongside fiat currencies, tokenized deposits, and other digital assets. The MTN is Mastercard’s platform designed to bridge traditional money with digital assets.

This isn’t Mastercard’s first move in the stablecoin space. In November, the company partnered with Thunes to expand stablecoin wallet payouts through Mastercard Move, enabling near real-time transfers to regulated stablecoin wallets.

Beyond settlement, SoFi and Mastercard say they will explore cross-border remittances, B2B money transfers, programmable treasury applications, and stablecoin-enabled card programs — all subject to regulatory approval and Mastercard network rules.

Visa Is Also Moving Fast

Mastercard’s biggest rival isn’t standing still. Visa began testing stablecoin-based cross-border settlement in September, launching a pilot using Circle’s USDC and EURC.

Visa later expanded support to four stablecoins across four blockchains, with conversion into more than 25 fiat currencies available. In November, Visa introduced direct stablecoin payouts to recipients’ wallets for freelancers and marketplaces.

Most recently, Netherlands-based Quantoz Payments became a principal Visa member, enabling Visa-branded debit cards backed by regulated e-money tokens in Europe.

The broader stablecoin market stood at roughly $311 billion at the time of writing, according to DefiLlama. Transaction volumes hit a record $969.9 billion in August 2025, with forecasts pointing toward $1 trillion per month by December 2026.

Stablecoin issuance in 2025 doubled from the prior year, and roughly $30 billion is now transacted daily across stablecoin networks.

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