SoFi Technologies has expanded its partnership with Mastercard to introduce SoFiUSD as a settlement currency across Mastercard’s global payments infrastructure. The initiative will allow issuers and acquirers to explore settling card transactions using the U.S. dollar-backed stablecoin, potentially enabling faster and more efficient payment processing.
SoFiUSD, issued by SoFi Bank, is described as a fully reserved dollar stablecoin deployed on Ethereum. The bank plans to use the token to settle its own credit and debit transactions running on Mastercard’s network, subject to regulatory considerations. The collaboration is designed to support use cases such as cross-border remittances, business-to-business transfers, and programmable treasury operations.
Integration With Multi-Token Network and Galileo Platform
The stablecoin is also expected to integrate with Mastercard’s Multi-Token Network, a digital asset framework connecting traditional financial rails with blockchain-based assets. This integration aims to enhance interoperability among fiat currencies, stablecoins, and tokenized deposits.
SoFi’s technology arm, Galileo, is anticipated to be among the first to offer issuing banks the option to settle payment card transactions in SoFiUSD. The companies said they will continue exploring broader interoperability between regulated stablecoins and existing financial infrastructure.
With stablecoin transaction volumes estimated at tens of billions of dollars daily, the partnership reflects growing institutional efforts to embed regulated digital currencies into mainstream payment systems.
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