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SoFiUSD stablecoin is set to streamline SoFi's Mastercard settlements

SoFi says it will use its national bank charter to settle about $25 billion in annualized Mastercard transaction volume through its SoFiUSD stablecoin, aiming to lower processing costs and attract commercial deposits.

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SoFi Technologies is using its national bank charter to settle an annualized roughly $25 billion in Mastercard transaction volume through its SoFiUSD stablecoin, according to MarketBeat Ratings.

The outlet says the move is designed to bypass traditional clearing intermediaries, which it argues can add fees and tie up liquidity in correspondent accounts for high-volume treasury flows.

MarketBeat Ratings also reports that by migrating SoFi's card program to a stablecoin-powered network, SoFi is positioning itself to reduce payment processing costs and capture commercial deposits that might otherwise remain with legacy financial institutions.

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