SoFi enables SoFiUSD settlement for Mastercard transactions and plans to migrate its entire bank-card program

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SoFi enables SoFiUSD stablecoin settlement on the Mastercard network, with annualized volume expected to exceed 25 billion USD

PANews reported on September 22, citing The Block, that SoFi has begun using SoFiUSD to settle debit- and credit-card transactions on the Mastercard network and plans to migrate its entire bank-card program to blockchain settlement, with expected annualized processing volume above 25 billion USD. SoFi says it is the first bank to launch stablecoin settlement on the Mastercard network.

Source: https://www.panewslab.com/zh/articles/01a0c908-2cf7-74eb-ab1b-1f0d50b2989f

Key points

SoFi has begun using SoFiUSD to settle debit- and credit-card transactions on the Mastercard network.
SoFi plans to migrate its entire bank-card program to blockchain settlement.
Expected annualized processing volume exceeds 25 billion USD.
SoFi says it is the first bank to launch stablecoin settlement on the Mastercard network.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

SoFi uses a stablecoin called SoFiUSD to process bank-card transactions and plans to expand the use of blockchain settlement.

Why it matters to readers

This shows stablecoin settlement being used for bank-card network transactions, with the program expected to process substantial transaction volume.

A stablecoin is generally designed as a digital asset with relatively stable value; here it is used to settle bank-card transactions.

Risks and unknowns

The report does not explain the specific mechanism of SoFiUSD or whether migration of the entire bank-card program has been completed.
The “first” claim comes from SoFi, and the report provides no independent verification.

SoFi enables SoFiUSD settlement for Mastercard transactions and plans to migrate its entire bank-card program

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