SoFi and Mastercard said on September 22, 2026 that stablecoin settlement is live across SoFi Bank’s debit- and credit-card program. Their Business Wire announcement says transactions are occurring onchain as the bank migrates its program to settlement using SoFiUSD.
The companies expect the program to process more than $25 billion in annualized volume. That is a stated expectation, not a report of $25 billion already settled through the new arrangement.
A change behind the card transaction
The release describes a settlement change within card infrastructure, following a partnership announced in March. It does not say that every cardholder must open a crypto wallet or that every merchant must hold stablecoins.
SoFi says its business-banking service can connect merchants with settlement proceeds in a bank account. The operating conditions and availability of that service still need to be checked in the relevant product terms.
The distinction is important: funding a purchase, approving it and settling the resulting obligations are separate stages. Our card-payment explainer describes where stablecoins can enter that process.
The asset and the expansion plans
According to the announcement, SoFiUSD is issued by SoFi Bank, N.A., is redeemable one-for-one for U.S. dollars and is supported primarily by cash reserves. Those statements concern the issuer’s product; they should not be converted into an assumption about deposit-insurance coverage for every token holder.
SoFi also reports discussions with larger merchants. The companies say they will explore further use cases, including cross-border payments and remittances.
Those prospective arrangements are distinct from the settlement launch reported in the release. Further customer adoption and additional applications remain developments to verify as they occur.
Questions
Are transactions already live?
SoFi and Mastercard say onchain settlement transactions are live.
Has the new program already settled $25 billion?
The release describes expected annualized volume, not that amount already processed through the new setup.
Must merchants hold SoFiUSD?
The companies describe bank-account settlement options; they do not require every merchant to hold tokens.
Source
SoFi and Mastercard announcement via Business Wire, September 22, 2026. Product descriptions and projected volume are attributed to the companies.
