SoFi is now settling its $25 billion card volume via stablecoins on Mastercard's network, marking a major test for blockchain-based payment rails in the U.S. banking sector.
SoFi became the first U.S. national bank to settle its $25 billion card program in stablecoins, a positive structural development but with no external merchant contracts yet.
Mastercard's network is the rail for SoFi's stablecoin settlement, and the CEO sees stablecoins as additive, but the stock was little changed.
SoFiUSD is the stablecoin used for settlement, fully redeemable 1:1 for USD, but as a stablecoin it does not participate in speculative moves.
Bitcoin is mentioned as up 14.37% over the week but down on a one-year basis, serving as context for the stablecoin discussion.
Ethereum is mentioned as up 15.83% over the week but down on a one-year basis, serving as context.
Solana is mentioned as up 23.1% over the week but down on a one-year basis, serving as context.
SoFi Technologies has become the first U.S. national bank to settle its $25 billion card program using SoFiUSD on the Mastercard network. This structural shift enables instant, zero-cost settlement for merchants without requiring them to hold crypto or update infrastructure. While the move marks a significant milestone for blockchain integration in traditional banking, the company has yet to secure external merchant contracts to prove broader network adoption.
Merchants do not need to hold stablecoins, change their point-of-sale infrastructure, or alter their accounting processes; they receive settlement funds instantly in their bank accounts.
The key metric is the onboarding of a major external merchant to the SoFiUSD settlement system, which would validate the network-effect thesis beyond SoFi's internal card program.