Mastercard and SoFi Technologies are now using stablecoin settlement across SoFi Bank, N.A.'s debit and credit card program, SoFi said in a Tuesday (Sept. 22) press release.
SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement of transactions, according to the release. The program uses SoFiUSD, a U.S. dollar-backed stablecoin issued by SoFi Bank, together with Mastercard's global payments network.
SoFi CEO Anthony Noto said in the release that through SoFi's Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock and at zero cost.
