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SoFi Partners With Mastercard to Add SoFiUSD Stablecoin to Global Settlement Network

U.S. neobank SoFi has partnered with Mastercard to integrate its USD-backed stablecoin SoFiUSD as a settlement option across Mastercard's global payments network, the companies announced on March 3. SoFiUSD will streamline settlement for card issuers and acquirers and will be supported on Mastercard's digital asset platform, the Mastercard MultiToken Network (MTN). SoFi first unveiled SoFiUSD in December as a stablecoin built on a "public, permissionless blockchain," though The Defiant reported it was unable to confirm which chain is being used. The collaboration follows SoFi's November relaunch of crypto trading services after a 2023 shutdown citing regulatory uncertainty, and Mastercard's earlier blockchain initiatives including a June partnership with Chainlink to enable onchain crypto purchases.
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