New York, March 4, 2026, 07:50 EST
- SoFi is turning to Mastercard’s payments network to settle transactions involving SoFiUSD, partnering with Mastercard in the process.
- SoFi Bank and Galileo clients are on track to get settlement for card transactions via the stablecoin.
- Payment networks have been stepping up stablecoin trials, looking to accelerate back-end money transfers.
SoFi Technologies is deepening its relationship with Mastercard, now introducing SoFiUSD—its U.S. dollar stablecoin—as an added settlement option on Mastercard’s global payments network.
So why does this project matter? Settlement marks the point where card payments wrap up—when the money actually shifts between the banks that handled the transaction. A stablecoin, for its part, is a kind of crypto token with a goal: keep its value steady, typically locked to the U.S. dollar. 1
Payment networks are accelerating initiatives for real-time, 24/7 money transfers, zeroing in on applications such as cross-border payments and corporate payouts. Mastercard rolled out its Multi-Token Network, pitching it as a bridge linking traditional payment rails with tokenized assets. 2
SoFi says issuers and acquirers alike will get an option to settle card transactions using SoFiUSD. The banking unit aims to use SoFiUSD for some Mastercard-linked credit and debit payment settlements, and Galileo expects to make the feature available early to its card partners. “SoFiUSD is at the heart of our strategy to make it faster, cheaper, and safer … to move money,” CEO Anthony Noto said. Mastercard’s Sherri Haymond described the initiative as a move to “connect regulated stablecoins with the reliability, security, and reach people expect.” 3
SoFi describes its SoFiUSD token as a digital asset, pegged 1:1 to cash or cash equivalents and issued by SoFi Bank, N.A. But the company is explicit: SoFiUSD doesn’t count as a deposit and isn’t backed by FDIC insurance. 4
Noto grabbed 56,000 SoFi shares on the open market only a few days ahead of the announcement, putting down close to $1 million, a securities filing shows. He paid a weighted average price of $17.88 per share. That brings his direct holdings up to 11,675,452 shares, according to the filing. 5
SoFi is pushing back into crypto. In November, the company laid out plans to offer crypto trading to its users and said it’s working on a stablecoin tied to the U.S. dollar. Executives cited what they called clearer regulatory signals as one reason for the move. 6
Rivals aren’t standing still. Last year, PayPal introduced its own U.S. dollar stablecoin, aiming it at payments and transfers while watching to see how crypto infrastructure could mesh with established finance. 7
It’s a bumpy ride. Stablecoin settlement keeps running into regulatory mazes, network rules, and the question of whether big banks or retailers are ready to ditch legacy rails. Not even dollar-pegged tokens get a free pass—operational or liquidity shocks can hit if reserves, redemptions, or the blockchain backbone starts showing cracks.
