SoFi Becomes First US National Bank to Go Live With Stablecoin Settlement on

SoFi Technologies went live today as the first US nationally chartered bank to settle card transactions via stablecoin on Mastercard's global payments network. The launch migrates SoFi Bank's entire $25 billion annualized card program, per the bank's announcement, to blockchain-based settlement, using the bank-issued SoFiUSD stablecoin, which runs primarily on Solana.

The announcement, published September 22 by SoFi Technologies, confirms that SoFi Bank, N.A., an OCC-regulated, FDIC-insured institution, is now processing card settlements using SoFiUSD across Mastercard's network in more than 200 countries.

SoFiUSD on Solana: Where the Supply Lives

SoFiUSD is a dual-chain stablecoin, issued on both Ethereum and Solana. Solana has been its primary deployment since April 2026. When SoFiUSD supply tripled to $300 million in the five weeks following its banking-app rollout, Solana accounted for more than $200 million of that total — roughly two-thirds — while Ethereum supply held flat. All net issuance since SoFiUSD's Solana deployment has accumulated on Solana.

With settlement now live on Mastercard's network, SoFiUSD backs a card program generating $25 billion in annualized volume. The stablecoin launched in December 2025 as an ERC-20 on Ethereum and expanded to Solana on April 2, 2026, alongside SoFi's Big Business Banking product.

How Merchant Settlement Works With SoFiUSD

Merchants receive funds instantly in SoFi Bank accounts through the Big Business Banking platform, with 24/7 cash withdrawal and no transfer fees. They do not need to hold SoFiUSD, integrate new infrastructure, or alter existing payment workflows. SoFi Bank issues SoFiUSD 1:1 against U.S. dollar reserves, primarily cash held at the Federal Reserve.

The practical gain over traditional card settlement is intraday finality on weekends and holidays, which ACH cutoff windows do not provide.

SoFiUSD is not FDIC- or SIPC-insured and is not legal tender — disclosures that accompany the bank-issued product alongside its Federal Reserve reserve backing.

SoFi Bank's National Charter and Settlement Scale

SoFi Bank, N.A. holds a national bank charter from the OCC — the same regulatory category as the country's largest commercial banks. That standing distinguishes this launch from stablecoin settlements operated by non-bank fintechs or crypto-native issuers: a federally chartered, deposit-taking institution is putting its own regulated currency on a global card network.

SoFi Technologies, per today's announcement, serves 15.8 million members; its Galileo technology division powers financial infrastructure for 134 million accounts globally. SoFi said it plans to offer stablecoin settlement to other issuing banks through the Galileo platform, which means the $25 billion figure reflects only SoFi's own card volume today.

Mastercard's Multi-Chain Network and the First Live Bank

Mastercard added Solana to its stablecoin settlement network in June 2026, alongside seven other supported blockchains: Arbitrum, Base, Canton, Ethereum, Polygon, Tempo, and XRP Ledger, per The Block. SoFi's go-live is the first bank to activate settlement volume across that network at this scale. The partnership was announced in March 2026.

SoFi and Mastercard named cross-border payments and remittances as the next area under active exploration.