SoFi Bank launched on September 22, 2026 the settlement of card transactions with its SoFiUSD stablecoin on Mastercard’s global network, claiming to be the first national bank in the US to offer such a service live. The company projects this program will process over $25 billion in transactions annually, while the stablecoin had approximately $300 million in circulation by the end of Q2 2026. SoFiUSD is fully reserved, regulated by the Office of the Comptroller of the Currency (OCC) and redeemable 1:1 for US dollars, but it is not FDIC-insured. The stablecoin operates on public blockchains including Ethereum and Solana, enabling round-the-clock settlement and programmable payments. SoFi intends to offer its stablecoin settlement services to other banks through its Galileo technology platform and is pursuing merchant partnerships.
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