SoFi launches stablecoin card settlement on Mastercard, projecting over $25 billion a year

Introduction

SoFi has started using its own stablecoin to move real money across one of the largest payment networks in the world. On September 22, 2026, SoFi Bank began settling its debit and credit card program with SoFiUSD on Mastercard's global network.

How It Works

Think of a card payment as two separate events. The swipe at the register is what you see. Settlement is the quieter step afterward, when funds actually travel between the institutions involved. SoFiUSD is a fully reserved, regulated stablecoin that is redeemable 1:1 for US dollars. Its reserves consist of cash or cash equivalents.

Risks and Challenges

There are real risks associated with this program. The $25 billion figure is a projection, not a track record, and the program has only just gone live. Other banks have not yet publicly committed to using Galileo, SoFi's technology platform, for stablecoin settlement.

Growth and Partnerships

SoFi intends to offer its stablecoin settlement services to other banks through Galileo. It also plans to pursue direct arrangements with merchants. A few markers to watch in coming quarters include growth in SoFiUSD circulation, named merchant partnerships, and the first outside banks signing on through Galileo.

Consumer Understanding

Users holding SoFiUSD need to grasp that it lacks FDIC coverage, even though it comes from a bank and is backed by cash reserves.