US-based SoFi Technologies has announced an expanded partnership with Mastercard to support SoFiUSD, its fully reserved USD stablecoin, as a settlement option across Mastercard's global payments network.
SoFiUSD is described as the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain, with the token issued by SoFi Bank, N.A., an Office of the Comptroller of the Currency (OCC)-regulated insured depository institution, and backed 1:1 by cash reserves.
The partnership will explore how issuers and acquirers can settle card-based transactions with Mastercard using SoFiUSD, targeting use cases including cross-border remittances and B2B money transfers.
Network integration and settlement infrastructure
SoFiUSD is also expected to be supported across the Mastercard Multi-Token Network (MTN), Mastercard's digital asset platform designed to connect traditional money with digital assets. The integration aims to support interoperability across fiat currencies, stablecoins, and tokenized deposits.
SoFi Bank, N.A. is expected to settle its own credit and debit transactions on the Mastercard network in SoFiUSD. 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 in SoFiUSD.
Anthony Noto, CEO of SoFi, said the partnership enables card issuers and acquirers to allow the businesses they serve to settle transactions instantly, describing it as an initial step in bringing SoFi's bank-grade infrastructure to digital commerce.
Adding to this, Sherri Haymond, Global Head of Digital Commercialisation at Mastercard, noted that the collaboration expands how regulated digital currencies can be used at global scale, and that connecting stablecoin settlement to Mastercard's network broadens choice and flexibility across the payments ecosystem.
Market context
The announcement comes against a backdrop of significant growth in stablecoin activity. Approximately USD 30 billion is transacted daily in stablecoins, and issuance in 2025 doubled compared to the prior year. Survey data cited in the announcement indicates that more than half of people with crypto holdings have held stablecoins in the past 12 months, and over 75% say they would open a stablecoin wallet if their bank or fintech application offered one.
Both companies have indicated plans to explore further interoperability use cases, including programmable treasury applications, stablecoin-enabled card programmes, and additional cross-border payment and disbursement scenarios, subject to regulatory considerations and Mastercard network rules.
