SoFi Bank and Mastercard have launched a stablecoin settlement service for SoFi’s card program worth 25 billion dollars. Transactions are now being processed on the blockchain via SoFiUSD, a stablecoin issued by SoFi Bank backed by cash reserves redeemable one-to-one for US dollars. The two companies are collaborating to integrate regulated stablecoins into Mastercard’s global payments infrastructure. SoFi is in talks with major US merchants to expand stablecoin-based settlement and plans to explore additional use cases with Mastercard, including cross-border payments and remittances.
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