SoFi Bank (NASDAQ:SOFI) is now live in settling transactions across the Mastercard network using its in-house stablecoin, SoFiUSD.
SoFi Bank claims to be the first national bank to do so. It has been estimated that by migrating its entire debt/credit card services to stablecoins, this will push over $25 billion in annualized volume.
SoFi launched its stablecoin in December 2025, which became available in the SoFi app this past May. The partnership with Mastercard was revealed in March 2026.
Radi El Haj, CEO of RS2, said the stablecoin settlement process is moving beyond the pilot stage to operate across the entire Mastercard network.
“Stablecoins have spent much of the past few years being discussed as something financial institutions are testing or preparing for. What makes this development significant is that SoFi is moving an existing card program into live stablecoin settlement at meaningful scale. The important point is not simply that a stablecoin is being used; it’s that the technology is being integrated into payment infrastructure that banks, merchants, and consumers already use. Customers can continue paying by card, and merchants do not suddenly need to become blockchain specialists. The change is happening deeper within the settlement layer.”
El Haj says this is how a new payment process achieves full adoption.
“For banks watching from the sidelines, the question is less if new settlement models will reach their card programs but whether their issuing, clearing and ledger infrastructure can absorb them without a rebuild. Institutions running rigid, siloed core platforms will find that every new rail becomes another major integration project. Those that have modernized their processing core will be able to adopt it as configuration rather than reconstruction.”