Mastercard and SoFi Enable Stablecoin Settlements

[cryptoenthusiast]

Mastercard continues to expand its digital asset initiatives, teaming up with SoFi Technologies to settle transactions using SoFi’s dollar-backed stablecoin, SoFiUSD. This agreement allows issuers and acquirers to process Mastercard card transactions via the bank-issued digital dollar, with SoFi Bank planning to settle its own credit and debit card payments in stablecoins. This move highlights Mastercard’s commitment to integrating digital assets into mainstream payment systems.

The new partnership builds on Mastercard’s broader push into blockchain and crypto, which includes tokenizing 30% of its transactions in 2024 and working with startups and major crypto platforms to bring practical applications of blockchain to the financial sector. This effort mirrors industry trends, as rival Visa has also launched stablecoin and blockchain pilots to enable faster cross-border payments and broader crypto adoption.

[nihalsari]

This expansion aligns with broader industry trends, as Visa and other major payment networks experiment with blockchain pilots to accelerate cross-border payments