SoFi and Mastercard are expanding their partnership to bring SoFiUSD—SoFi’s U.S. dollar stablecoin—into settlement flows across Mastercard’s global payments network. The companies say they will explore how issuers and acquirers can settle card-based transactions using SoFiUSD, aiming for faster, always-on settlement options.
The announcement also ties SoFiUSD to Mastercard’s Multi-Token Network (MTN), as Mastercard pushes interoperability between fiat currencies, stablecoins, and tokenized deposits.
Stablecoin settlement is moving into card rails
Under the plan, Mastercard and SoFi will explore enabling issuers and acquirers to settle card-based transactions via SoFiUSD. The stated goal is faster money movement for use cases like cross-border remittances and B2B money transfers, using stablecoins as a settlement layer rather than a consumer-facing “pay with crypto” product.
Mastercard says the effort is about connecting “regulated stablecoins” with the reach and security expectations of its network, positioning stablecoins as another settlement option inside familiar payment infrastructure.
SoFiUSD is positioned as bank-issued and fully reserved
The release describes SoFiUSD as a fully reserved U.S. dollar stablecoin and says it is issued by SoFi Bank, N.A., an OCC-regulated insured depository institution. It also says SoFiUSD is backed 1:1 by cash for immediate redemption capability.
SoFi and Mastercard also flag that further expansion—like stablecoin-enabled card programs and broader remittance/disbursement use—would be subject to regulatory considerations and Mastercard network rules.
SoFi Bank and Galileo are expected to be early users
SoFi says SoFi Bank is expected to settle its own Mastercard-powered credit and debit transactions in SoFiUSD. Separately, Galileo—SoFi’s technology platform—is expected to be among the first to offer its payment card clients and their issuing banks the option to settle transactions using SoFiUSD.
If that rollout happens as described, it would put stablecoin settlement choices directly into issuer and processor workflows, where settlement speed and liquidity management matter most.
Mastercard’s MTN is the interoperability layer in the plan
Mastercard says SoFiUSD is expected to be supported across the Mastercard Multi-Token Network, which it describes as a digital asset platform connecting traditional money with digital assets. The companies frame this as a step toward broader interoperability across fiat, stablecoins, and tokenized deposits—without forcing everyone onto a single rail.
They also say they’ll explore additional use cases, including programmable treasury applications and other money movement and payout scenarios.
Why it matters for crypto
- Stablecoins are moving deeper into real payment plumbing, starting with settlement where speed and 24/7 availability are valuable.
- A bank-issued stablecoin being tested for card settlement could accelerate “stablecoins as infrastructure,” not just trading collateral.
- If Galileo offers stablecoin settlement choice to issuers, stablecoin rails could reach many downstream fintech and banking programs quickly.
- Interoperability across fiat, stablecoins, and tokenized deposits is becoming the new competitive surface for payments networks.
What to watch next
- Whether Mastercard and SoFi announce a timeline for issuer/acquirer settlement pilots using SoFiUSD.
- Confirmation that SoFi Bank begins settling its Mastercard credit/debit flows in SoFiUSD at production scale.
- Galileo rollout details: which clients get access first and what “choice to settle in SoFiUSD” looks like operationally.
- Updates on SoFiUSD support inside MTN and any additional stablecoin/asset interoperability scenarios that follow.
Source: Mastercard press release