The capability will be part of an enhanced partnership in which SoFi and Mastercard will explore how issuers and acquirers can settle card-based transactions with Mastercard using SoFiUSD to provide faster settlement options for Mastercard customers and faster money movement for cross-border remittances, B2B money transfers and other use cases, the companies said in a Tuesday (March 3) press release emailed to PYMNTS.
In addition, the companies expect that SoFiUSD will be supported within the Mastercard Multi-Token Network (MTN) to support interoperability across fiat currencies, stablecoins and tokenized deposits, according to the release.
SoFi Bank is expected to settle its credit and debit transactions powered by the Mastercard network in SoFiUSD, and SoFi’s technology platform Galileo is expected to be among the first companies to offer payment card clients and their issuing banks the choice to settle transactions in the stablecoin, per the release.
“SoFiUSD is at the heart of our strategy to make it faster, cheaper and safer for people around the world to move money,” SoFi CEO Anthony Noto said in the release. “With SoFiUSD as a settlement currency across Mastercard’s network, card issuers and acquirers can more easily enable the millions of businesses they serve around the globe to instantly settle transactions, 24 hours a day, 7 days a week.”
Sherri Haymond, global head of digital commercialization at Mastercard, said in the release that this collaboration will expand how trusted digital currencies can be used at global scale.
“Bringing stablecoin settlement on our network will connect regulated stablecoins with the reliability, security and reach that consumers, businesses and financial institutions expect,” Haymond said. “And this effort expands choice and flexibility across the payments ecosystem in how people pay or get paid.”
SoFi launched SoFiUSD in December, saying that because this dollar-pegged stablecoin is on a public, permissionless blockchain, partners can move funds 24/7 with near-instant settlement “at fractional-cent pricing.”
PYMNTS reported in February 2025 that the Mastercard Multi-Token Network allows banks to connect to applications built on the network digitally and can manage the increased complexities involved with domestic and cross-border commercial transactions, such as greater transparency, faster settlement and reduced time zone friction.
