SoFi and Mastercard say SoFiUSD card settlement is live, while the $25 billion figure stays a projection
SoFiUSD settlement moves from plan to production
SoFi Bank and Mastercard say SoFiUSD settlement is now live for SoFi Bank's debit and credit card program. The two companies announced the plan in March and now describe it as running in production, according to the companies' September release.
SoFiUSD is a stablecoin, meaning a crypto token designed to keep a steady value tied to a regular currency. In this case, SoFi Bank says the token is intended for one-for-one dollar redemption.
SoFi has not said how much money has actually moved through the token so far, and the full migration of the card program is still in progress. The company has not given a completion date.
Key numbers and claims in the announcement
- SoFi and Mastercard say SoFiUSD settlement is live for SoFi Bank's card program, with the rest of the migration still underway.
- SoFi expects more than $25 billion in annualized card-program volume after that migration. The company describes this as a projection of activity at an eventual run rate.
- The amount, or share, of card transactions already settled in SoFiUSD has not been disclosed.
- SoFi says merchants can receive settlement dollars in a SoFi Bank account without holding the token.
- Direct redemption of the token is limited to approved SoFi customers under separate agreements.
What SoFi's release says
SoFi's September release describes the settlement as live on a blockchain, which is a shared digital record of transactions, and says the bank is the first national bank to go live with stablecoin settlement across Mastercard's global payments network. That framing comes from the company itself.
SoFi Bank is a nationally chartered bank regulated by the Office of the Comptroller of the Currency. In its release, the company says businesses using its Big Business Banking platform can receive settlement funds immediately in a SoFi Bank account and access cash around the clock without holding SoFiUSD. That is a product claim from the bank.
An earlier April platform announcement described features the platform would include: business deposit accounts, continuous fiat and token transfers, and mint-and-burn conversion. The September release does not name any live outside merchant settlement customer and says talks with large US merchants continue.
How merchant payouts differ from holding the token
A merchant paid into a bank account and a party receiving the token on-chain hold different claims. Under the token's terms, direct redemption is available only to approved SoFi customers with separate agreements, subject to conditions and fees. Receiving the token does not pass on that issuer claim, and the terms allow delays or suspensions under specified conditions.
Bank deposits and tokens also carry different protections. SoFi's product disclosure says SoFiUSD itself is not a deposit, lacks FDIC and SIPC insurance, and may be subject to delay, disruption or permanent loss. A bank-account payout lets a merchant receive dollars without taking on those token-holder risks.
Reserves are another point of difference. SoFi's September release describes the token's reserves as primarily cash, while the issuer's terms also permit cash equivalents and other legally allowed liquid instruments, with no fixed mix promised at any given time. The release provides no reserve breakdown for a specific date.
The terms also exclude people and entities located in, resident in, or subject to UK or European Economic Area laws from acquiring, holding, transferring or using the token. That restriction covers token participation and does not establish a ban on card purchases in those markets.
What is confirmed
- The companies' September release says transactions are now occurring on a blockchain for SoFi Bank's card program.
- The March announcement presented the settlement as a future option; the companies now describe it as live.
- Migration of the full card program is still in progress, with no completion date given.
- Cardholders can keep using their existing cards, and the companies describe no requirement for consumers to buy crypto at checkout.
- SoFi Bank issues SoFiUSD, and SoFi's own disclosure says the token is not a deposit and has no FDIC or SIPC insurance.
What SoFi has not disclosed
- How much card volume has been settled in SoFiUSD, either in dollars or as a share of transactions.
- When the migration of the card program will be complete.
- Which outside merchants are using the settlement route. No live outside merchant settlement customer is named in the September release.
- Measured before-and-after figures for settlement timing or cost for this program.
What happens next
The migration of SoFi Bank's card program continues, and the company has not announced a date for finishing it. SoFi also says discussions with large US merchants are ongoing, which means outside-merchant use of the settlement route has not yet been confirmed in the supplied material.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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