SoFi Bank has become the first US national bank to utilize a stablecoin for settling debit and credit card transactions on the Mastercard network. The system went live on September 22, 2026, replacing traditional batch processing with near-instant settlement capabilities.
The transactions are processed using SoFiUSD, a bank-issued stablecoin launched in December 2025. The token is fully backed by cash reserves on a 1:1 basis and operates on Mastercard’s Multi-Token Network, which bridges digital currencies with existing payment infrastructure.
The partnership between SoFi and Mastercard was initially announced on March 3, 2026. The program is projected to handle an annualized transaction volume exceeding $25 billion. By May 2026, approximately 14.7 million users of the SoFi application had access to the stablecoin.
SoFi is currently in discussions with other issuing banks and major US merchants to expand the use of its stablecoin settlement model. The bank intends to extend the functionality of SoFiUSD to support business-to-business transfers and cross-border remittances.
