SoFi and Mastercard plan SoFiUSD settlement across the card network

SoFi and Mastercard announced an expanded partnership on 3 March to enable SoFiUSD as a settlement option across Mastercard’s network. They said they would explore card settlement using the dollar stablecoin and that SoFi Bank’s Mastercard-powered debit and credit transactions were expected to settle in SoFiUSD. Galileo was expected to offer the option to some issuing-bank clients. The release describes intended capabilities, not a live service.

The companies said Mastercard’s Multi-Token Network was expected to support SoFiUSD, connecting fiat currencies, stablecoins and tokenised deposits. SoFi described the token as fully reserved and issued by its nationally chartered, insured bank. They said they would explore remittances and business transfers, subject to network rules and regulatory considerations. The agreement does not mean all Mastercard transactions can already use the stablecoin.