Mastercard to Enable SoFiUSD Stablecoin Settlement for Card Issuers via SoFi Bank and Galileo

Mastercard is partnering with SoFi Technologies to let SoFi Bank N.A. settle Mastercard credit and debit card transactions in SoFiUSD, the dollar-backed stablecoin issued by the OCC-regulated, insured depository institution and backed 1:1 by cash reserves, the companies announced. Through SoFi's Galileo payments platform, issuer banks and card programs connected to Mastercard's global network will be able to opt into SoFiUSD-based settlement on a public, permissionless blockchain, supporting around-the-clock processing and integrating with Mastercard's Multi-Token Network alongside fiat currencies, tokenized deposits, and other digital assets. The parties said they will also explore additional use cases such as cross-border remittances, business-to-business transfers, programmable treasury tools, and stablecoin-enabled card programs, with all future initiatives contingent on applicable regulatory requirements and Mastercard network rules.