SoFi Technologies has partnered with Mastercard to enable settlement of Mastercard card transactions using the SoFi USD stablecoin. SoFi Bank will use the digital dollar to settle its own card traffic, and the option will be offered to other banks via the Galileo platform. This move comes as both Mastercard and competitor Visa expand their stablecoin programs for global payments, with the total stablecoin market capitalization now exceeding $310 billion.
SoFi Technologies has established a partnership with Mastercard that provides a facility for settlement using SoFi USD, a stablecoin issued by the firm. The collaboration allows issuers and acquirers on Mastercard’s network to settle card transactions using this bank-issued digital dollar.
SoFi Bank N.A. will use SoFi USD to settle its own Mastercard credit and debit card transactions. The Galileo platform will offer client banks and card issuers the option of settling in the same stablecoin, broadening digital settlement access.
The company stated that SoFi USD is the first stablecoin launched by a U.S. nationally chartered and insured depository institution on a public, permissionless blockchain. It said the stablecoin allows users to settle at any time, eliminating time constraints based on banking hours.
Mastercard’s participation comes as major payment processors increase activity with stablecoins. In November, Mastercard and Thunes collaborated to enhance wallet payouts via Mastercard Move for near-real-time stablecoin payments.
Similarly, Visa started testing cross-border settlements using Circle’s USDC and EURC stablecoins in September. It later extended its stablecoin support to cover four tokens across four blockchains for conversion to over 25 fiat currencies.
Visa also widened its European offerings with Quantoz Payments, which received approval to issue Visa debit cards utilizing regulated e-money tokens. The total stablecoin market capitalization currently stands at about $310.64 billion according to DefiLlama.
A report from CoinLedger noted record-breaking stablecoin transactions of $969.9 billion in August 2025. Forecasts indicate these transactions could reach $1 trillion by December 2026.
