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SoFiUSD settlement for Mastercard-linked cards goes live

SoFi says the move starts shifting its March card plan into production, with merchants able to receive dollars in a SoFi Bank account without holding the token.

Reported · Written up by our desk · Market Structure

SoFi Bank and Mastercard have launched SoFiUSD settlement for the bank's debit and credit card program, moving a previously announced March plan into production, according to CryptoSlate.

The companies describe SoFiUSD as a token-based settlement route that sits behind familiar card payments. SoFi says participating merchants can receive dollars in a bank account without needing to hold the token, while cardholders can continue using existing cards.

While SoFi expects the program to process more than $25 billion in annualized card-program volume after migration, the company has not disclosed how much has already actually settled in SoFiUSD. CryptoSlate notes that without this missing “denominator,” the visible blockchain activity does not by itself show the scale of merchant benefit or token-holder access.

CryptoSlate also reports that the full migration is still underway, with no completion date provided. It adds that SoFi has not offered before-and-after measures for merchant cash accessibility timing or program costs, and that a working transaction alone does not show the economic impact.

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