SoFi, Mastercard Launch Stablecoin Settlement Using SoFiUSD Following Ripple’s RLUSD

SoFi Technologies and Mastercard on Tuesday said stablecoin settlement is now live across SoFi Bank’s debit and credit card program. This brings stablecoin settlement through SoFiUSD to Mastercard’s global payments network. This follows earlier support for stablecoins such as Ripple’s RLUSD and Circle’s USDC.

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SoFi Becomes First Bank to Enable Stablecoin Settlement on Mastercard Network

According to an official announcement on September 22, SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement using SoFiUSD. It became the first bank to go live with stablecoin settlement on the Mastercard network.

The launch expanded settlement and liquidity management using stablecoins by card issuers, acquirers, and merchants. It also shows how bank-issued stablecoins can operate with existing payment infrastructure, helping bridge traditional financial systems and blockchain-based networks.

“Merchants do not need to hold stablecoins, build new infrastructure or change how they operate. Through SoFi’s Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock and at zero cost,” said Anthony Noto, CEO of SoFi.

Mastercard is bringing regulated stablecoin settlement, giving businesses more choice in how money moves. SoFiUSD is fully redeemable 1:1 for U.S. dollars and supported by reserves consisting primarily of cash.

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Ripple’s RLUSD Stablecoin Settlement

This milestone supports Mastercard’s broader efforts to support stablecoin settlement across its global payments network with a growing ecosystem of banks, fintechs, stablecoin issuers and other partners.

As CoinGape reported earlier, Mastercard added Ripple’s RLUSD stablecoin to its global settlement network. It expanded its support for 24/7 on-chain settlements using regulated stablecoins including Circle’s USDC, Paxos’ PYUSD, USDG, USDP, and SoFiUSD.

Notably, Ripple joined Mastercard’s Crypto Partner Program to advance on-chain payments. Other crypto firms such as Binance, Circle, Gemini, PayPal, and Paxos also joined the program.

Stablecoins have long been used primarily for crypto trading, but banks, payment firms and asset managers are increasingly viewing them as settlement assets. Traditional finance (tradFi) companies want to bring financial instruments on-chain that support instant cross-border transfers outside traditional banking schedules.

Check the best stablecoin settlement platforms for financial institutions to move, receive, convert, custody, mint, redeem and settle value using fiat-backed stablecoins.