- The deal enables SoFiUSD to be used for settlement on the Mastercard network, with the stablecoin also expected to integrate into the Mastercard Multi-Token Network.
- SoFiUSD has a dual nature where on-platform holders get deposit token benefits like FDIC insurance and interest, while off-platform holders do not.
- VISA has separately expanded its partnership with Bridge, a Stripe company, to bring a stablecoin-linked card offering to over 100 countries by year’s end.
SoFi Technologies has partnered with Mastercard to enable its SoFiUSD stablecoin for network settlements, while Visa is separately expanding its stablecoin card program with Bridge to over 100 countries before year-end. These moves signal a significant push by major payment networks to adopt digital assets for everyday transactions.
The SoFiUSD stablecoin is uniquely issued by the OCC-regulated SoFi Bank. Consequently, customers holding the token on SoFi’s platform will treat it as an insured deposit token, making it eligible for interest and FDIC insurance.
However, this beneficial structure does not extend to off-platform holdings, which function as a standard stablecoin. Infrastructure data shows the stablecoin currently has a zero balance, with around $7 million in round-trip transactions being processed through custodian BitGo.
The stablecoin is also slated for integration into the Mastercard Multi-Token Network, the card network’s digital asset platform. SoFi Bank will use SoFiUSD to settle its own Mastercard credit and debit transactions.
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