SoFi moves its card program to settlement with its SoFiUSD stablecoin
The program carries more than $25 billion in expected annual volume, and Mastercard is the partner that lets SoFi settle debit and credit card transactions with the stablecoin, according to Cointelegraph.
A SoFi spokesperson said the shift does not remove intermediaries from card settlement and provides an alternative blockchain-based settlement rail. For cardholders, the change largely happens behind the scenes, the outlet reports. Visa's stablecoin settlement pilot reached a $7 billion annualized run rate in April, according to Cointelegraph.
Sources: Cointelegraph · Cointelegraph (X)