SoFi Partners With Mastercard to Enable SoFiUSD Stablecoin Settlement

SoFi Technologies has partnered with Mastercard to enable settlement in its dollar-backed stablecoin, SoFiUSD, across Mastercard’s global payments network. This allows SoFi Bank N.A. to settle its own card transactions in SoFiUSD, and SoFi’s Galileo platform will offer client banks and card issuers the option to use the stablecoin for settlement. SoFiUSD is noted as the first stablecoin issued by a US nationally chartered and insured bank on a public blockchain, facilitating 24/7 settlement on Mastercard's network. The companies will also explore further use cases like cross-border remittances and B2B transfers. This move follows Mastercard's increased activity in the stablecoin space and mirrors similar integrations by rival Visa, which is also expanding its stablecoin settlement and payout infrastructure.

(Source：Cointelegraph)