Home›Crypto›Market Structure›SoFi moves card settlement to onchain rails using its…

SoFi moves card settlement to onchain rails using its SoFiUSD stablecoin

SoFi expects its migrated card program to process more than $25 billion in annualized volume, while keeping the consumer experience the same.

Reported · Written up by our desk · Market Structure

SoFi is migrating the settlement of its debit and credit card transactions to a blockchain-based rail using its SoFiUSD stablecoin, Cointelegraph reported.

The bank said the change supports faster settlement behind the scenes, while customers continue using their SoFi debit and credit cards as normal, with intermediaries still involved in the card process.

Cointelegraph also noted that SoFi expects its entire card program to process more than $25 billion in annualized volume as it moves to the new system.

The outlet added that Visa has also been moving settlement onchain, and cited prior remarks from Federal Reserve researchers that stablecoins could change payment economics without necessarily removing banks from the system.

More like this

Sources