#SoFiMastercardSettle
About SoFiMastercardSettle
SoFi and Mastercard launched stablecoin settlement on Sep 22. SoFi debit and credit card transactions will settle in the background via SoFiUSD, covering over $25B in annualized volume. Merchants need not hold stablecoins or change existing payment infrastructure. Mastercard already supports settlement in USDC, PYUSD and RLUSD, showing stablecoins moving into traditional payments. Focus is on actual adoption within the $25B volume and whether the model expands to more institutions and use cases.
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JUST IN: SoFi and Mastercard launch live stablecoin settlement
SoFi is migrating its $25 billion card program to SoFiUSD, the first stablecoin issued by a nationally chartered U.S. bank, bringing stablecoin settlement into its card infrastructure.
$SOPH
JUST IN: @SoFi Bank will settle debit and credit card transactions on Mastercard’s network using its stablecoin, SoFiUSD, migrating the full program (~$25B annualized volume).
SoFiUSD runs on Solana and Ethereum#BTC87KCryptoCap3T #CryptoTreasuriesBuy #CostcoQ4EarningsWatch
The U.S. 10-Year just hit 5.1% for the first time since 2007 which is an obvious headwind because $SOFI still trades like a lender when rates move higher.
But the business really is starting to look more like a platform as member growth and product adoption continue to scale.
Just yesterday SoFi became first U.S. national bank to go live with stablecoin settlement across $MA network with $25B+ in annual volume expected through SoFiUSD.
Stablecoins are making Visa and Mastercard harder to disrupt
Several developments point in the same direction:
• SoFi is moving its card program, expected to process more than $25B annually, to SoFiUSD settlement on Mastercard.
• Reap and Visa are expanding stablecoin-linked card issuing to 100+ markets globally.
• Visa is giving Credit Coop access to settlement data to support financing for card programs.
Card programs are becoming easier to launch, fund and run.
Running a card program means keeping funds available to meet settlement obligations.
Banking cutoffs and weekend closures can leave operators holding larger buffers than they would otherwise need.
Stablecoin settlement lets participants move those funds outside banking hours, reducing the need for large prefunded balances.
@creditcoop_xyz addresses the financing still required. Visa settlement data helps lenders assess exposure, while automated repayment from receivables gives them more control over getting paid.
Less idle capital and better access to financing could make more card programs viable to launch and scale, bringing more activity onto Visa and Mastercard, not less.
So stablecoins end up lowering the cost of participating in the networks they also compete with.
And those networks already have the merchant acceptance and consumer habits that new payment systems spend years trying to build.
SoFi hasn't pulled a crowd this size in at least a month.
About 3.0M engagements so far today, nearly double the 1.6M peak on Aug 26. 1,143 accounts have posted about it, the most in 30 days, and sentiment sits at 86%.
Quiet name, loud day.
Watcher.Guru
JUST IN: 🇺🇸 $SOFI Bank and Mastercard launch crypto stablecoin settlement payment network.
