SoFi Technologies has established a new partnership with Mastercard that provides a facility for settlement using SoFi USD, a stablecoin issued by the firm and pegged to the US dollar.
The partnership will allow issuers and acquirers of Mastercard cards to settle Mastercard card transactions using a bank-issued digital dollar on Mastercard’s global payments network.
SoFi Bank N.A. will use SoFi USD to settle its own Mastercard credit and debit card transactions. The Galileo platform will offer client banks and card issuers the option of settling in the same stablecoin. The option broadens digital settlement access within Mastercard’s ecosystem.
The company stated that the stablecoin, SoFi USD, is the first stablecoin launched by a U.S. nationally chartered and insured depository institution on a public, permissionless blockchain. It said that the stablecoin allows users to settle at any time, eliminating time constraints based on regular banking hours.
SoFi USD Gains Support Across Mastercard’s Network
SoFi USD launched in December. It is issued by SoFi Bank, which operates under the supervision of the OCC. It is backed 1:1 with cash reserves. Mastercard plans to support it within its Multi-Token Network. The network also supports fiat currencies, tokenized deposits, and other digital assets.
Both companies will explore additional uses for the stablecoin. These include cross-border remittance, business-to-business payments, programmable treasury solutions, and card programs facilitated by digital dollars.
Mastercard’s participation comes as the major payment processors’ activity within the space of stablecoins has been increasing. In November, Mastercard and Thunes collaborated to enhance wallet payouts via Mastercard Move. The partnership enabled near-real-time payments to regulated wallets for stablecoins via Thunes’ Direct Global Network.
Similarly, Visa has implemented the following changes in its system. In September, it started testing cross-border settlements using Circle’s USDC and EURC stablecoins.
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The process involved Visa Direct. In this process, select banks will have the ability to pre-fund cross-border transactions with stablecoins.
Visa Grows European Stablecoin Programs
Subsequently, Visa extended its stablecoin support to cover four tokens across four blockchains. The process allowed for conversion to over 25 fiat currencies. In addition, it introduced a Visa Direct pilot that enabled businesses to make payments to stablecoin wallets.
Visa widened its stablecoin offerings in Europe with Quantoz Payments, a Netherlands-based principal Visa member. Quantoz received approval to issue Visa debit cards that utilize regulated e-money tokens. In addition, they will be allowed to support fintech clients that provide stablecoin-linked services.
The stablecoin market is still growing. According to DefiLlama, the market capitalization of stablecoins stands at about $310.64 billion.
Source: DefiLlama
According to a CoinLedger report, there have been record-breaking transactions in the stablecoin market. In August 2025, the transactions stood at $969.9 billion. Forecasts indicate that the transactions will reach $1 trillion by December 2026.
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