SoFi Technologies has strengthened its partnership with Mastercard to establish SoFiUSD, its fully reserved U.S. dollar stablecoin, as a settlement currency within Mastercard’s global payments network. This initiative aims to enhance transaction efficiency by allowing card issuers and acquirers to settle card-based transactions in SoFiUSD, thereby facilitating faster settlements for businesses, particularly in cross-border remittances and B2B transfers. SoFiUSD, which debuted in December as the first stablecoin issued by a nationally chartered bank on a public blockchain, is backed 1:1 by cash reserves. The collaboration also seeks to leverage Mastercard’s Multi-Token Network to improve interoperability between various digital assets and traditional fiat currencies.
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