Original sourceObserver
Summary
SoFi CEO Anthony Noto is gradually moving SoFi's more than $25 billion in annual card transaction volume to settlement in its own payment stablecoin, SoFiUSD. SoFi Bank's full card program (debit and credit) now settles in SoFiUSD through Mastercard, having gone live on September 22, 2026. SoFiUSD…
Key points
- This is a concrete case of a bank's own stablecoin directly taking over existing card-network transaction volume, a test of whether stablecoins can truly replace part of the traditional settlement layer.
- If a large card issuer's volume can really settle in its own stablecoin, it would change the cost structure and intermediary roles of acquiring and clearing.
- In the short term, merchants will feel changes in settlement speed and reconciliation processes rather than a need to handle crypto assets themselves; payment professionals must assess the competition and compliance boundaries created by bank-issued stablecoins.
Editorial note
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