SoFi has transitioned its entire card program to a blockchain-based settlement system using its proprietary SoFiUSD stablecoin. The bank expects this initiative to process an annualized volume exceeding $25 billion.
The new system functions as an alternative settlement rail for debit and credit card transactions conducted with Mastercard. According to a SoFi spokesperson, the change is designed to enable faster transaction settlement while keeping the process invisible to end users.
This shift does not remove traditional intermediaries like Mastercard or banks from the payment chain. Instead, the technology replaces the conventional banking rails used to settle obligations between participants.
Other industry players are also exploring this technology. Visa previously reported that its stablecoin settlement pilot reached an annualized run rate of $7 billion, with support expanded across nine different blockchains.
