SoFi and Mastercard launch live stablecoin settlement for $25B card program

SoFi Bank and Mastercard have launched live stablecoin settlement, migrating SoFi's $25 billion card program to settle transactions in SoFiUSD — the first stablecoin issued by a nationally chartered U.S. bank. SoFi says it is the first bank to go live with stablecoin settlement across Mastercard's global payments network.

• The partners plan to extend SoFiUSD settlement to cross-border payments and remittances, and to support the token on Mastercard's Multi-Token Network (MTN).
• The launch follows a March agreement between the two firms under which SoFi intended to use SoFiUSD to settle its Mastercard transactions.