Mastercard adds SoFiUSD as settlement option for card issuers

SoFi just dropped a collab with Mastercard that’s about to change how card transactions get settled. Their cash-backed stablecoin, SoFiUSD, is now live on Mastercard’s global network — meaning issuers and acquirers can clear payments using a bank-issued digital dollar. This is the first stablecoin from a US nationally chartered, insured deposit bank on a public, permissionless blockchain. Translation: 24/7 settlement just got real.

SoFi Bank N.A. will settle its own Mastercard credit/debit transactions in SoFiUSD. Meanwhile, SoFi’s payments tech platform Galileo will let client banks and card issuers opt into stablecoin settlement across Mastercard’s network. The partnership also opens the door to exploring cross-border remittances, B2B transfers, programmable treasury apps, and stablecoin-enabled card programs — all pending regulatory green lights.

SoFiUSD launched in December, issued by OCC-regulated SoFi Bank and backed 1:1 by cash reserves. Mastercard’s Multi-Token Network will support it alongside fiat, tokenized deposits, and other digital assets. Mastercard’s been stacking stablecoin moves — in November, they partnered with Thunes to expand stablecoin wallet payouts via Mastercard Move, enabling near real-time transfers to regulated wallets.

Mastercard isn’t the only payments giant going digital. Visa’s been deep in stablecoin integration too. In September, Visa started testing stablecoin-based cross-border settlement with a Visa Direct pilot, letting select banks pre-fund international transfers using Circle’s USDC and EURC. They later expanded support to four stablecoins across four blockchains, enabling conversion into over 25 fiat currencies.

Visa also rolled out a Visa Direct pilot in November for direct stablecoin payouts, allowing businesses to send funds straight to recipients’ stablecoin wallets — giving freelancers and marketplaces the option to receive USD-backed tokens instead of traditional bank transfers. Last month, Netherlands-based Quantoz Payments became a principal Visa member, enabling it to issue Visa-branded debit cards backed by regulated e-money tokens and support fintechs offering stablecoin-linked products in Europe.

The total stablecoin market cap is sitting at about $311.28 billion (per DefiLlama). Transaction volumes hit a record $969.9 billion in August 2025, with forecasts pointing to nearly $1 trillion monthly by December 2026, according to CoinLedger’s September report.