SoFi Migrates $25 Billion Card Program to Blockchain Settlement

The transition allows SoFi Bank to process transactions on-chain without forcing merchants to manage digital assets or overhaul their existing technical architecture. Through the company’s Big Business Banking platform, merchants receive settlement funds in cash, bypassing the constraints of traditional banking hours and weekend delays. SoFi CEO Anthony Noto noted that this development transforms stablecoin utility from theoretical use cases into a functional product that accelerates capital movement for businesses.

SoFiUSD, which is regulated by the Office of the Comptroller of the Currency, maintains a one-to-one peg with the U.S. dollar, with reserves held primarily in cash. While the current implementation focuses on SoFi’s internal card program, the firm is actively courting large-scale retail and technology partners to adopt the settlement system. Mastercard, which recently expanded its stablecoin infrastructure to include assets like USDC and PayPal USD, views this partnership as a production-grade solution that preserves the scale and security of its legacy network while introducing the efficiency of distributed ledger technology.