SoFi Technologies and Mastercard announced stablecoin settlement is now live across SoFi Bank’s debit and credit card program. SoFiUSD is issued by SoFi Bank, N.A., an OCC-regulated, nationally chartered bank, fully redeemable 1:1 for U.S. dollars.
SoFi is in active discussions with large merchants across the US regarding stablecoin-based settlement arrangements. SoFi and Mastercard will explore cross-border payments, remittances and other money movement use cases.