SoFi Technologies integrates its SoFiUSD stablecoin into Mastercard's payment network, targeting $25 billion in annual volume as it pioneers bank-issued digital asset settlement.
SoFi shares rose 3% after announcing live stablecoin settlement on Mastercard's network, with over $25 billion in projected annualized payment volume.
SoFiUSD is being adopted for live card settlement and is positioned as the first stablecoin issued by a nationally chartered US bank, increasing its utility and credibility.
Mastercard is the network partner in the stablecoin settlement initiative, but the financial impact on Mastercard is not quantified.
SoFi Technologies shares climbed 3% following the launch of live stablecoin settlement on Mastercard's network. As the first nationally chartered US bank to issue its own stablecoin, SoFiUSD, the firm expects to process over $25 billion in annualized payment volume through this blockchain-based infrastructure.
SoFiUSD is the first stablecoin issued by a nationally chartered US bank, providing a regulated, one-to-one dollar-backed asset for payment settlement.
No, merchants receive settlement proceeds directly into their bank accounts and do not need to hold stablecoins or manage blockchain infrastructure.