SoFi said merchants will not need to hold stablecoins, build new infrastructure, or alter their business practices as the bank transitions its $25 billion card program to settlement in SoFiUSD.

The lender went live on Tuesday, settling debit and credit card transactions in the stablecoin across Mastercard's global payments network. That structure, according to the company, gives businesses blockchain-based settlement speed while they continue to receive US dollars in a bank account, rather than managing digital assets themselves.

Big Business Banking pays out cash around the clock at zero cost

"Merchants do not need to hold stablecoins, build new infrastructure, or change how they operate," said Anthony Noto, SoFi's CEO. Through SoFi's Big Business Banking platform, any merchant can instantly receive settlement funds in a SoFi Bank account.

Noto added that those funds can be withdrawn as cash, of charge, at any time of day.

"That means businesses have faster access to their money via the speed of blockchain, with the safeguards of a bank," he said.

Around-the-clock, no-fee access to settled funds addresses one of card payments' most familiar frictions, in which merchants commonly wait several days for transactions to reach their accounts.

SoFi is in active discussions with major US merchants about settling in stablecoins, ranging from large multinational retailers to technology service platforms.

Mastercard's network goes live six months after the March deal

SoFi Bank is converting its entire $25 billion card program to settlement in SoFiUSD, which the company describes as the first stablecoin issued by a nationally chartered bank. The companies said transactions are now live on the blockchain.

SoFi said it is the first national bank to go live with stablecoin settlement across Mastercard's network. Tuesday's launch follows the partnership the two companies announced in March, and builds on Mastercard's June decision to open card settlement to SoFiUSD and other stablecoins — moving that capability into production across an entire bank card program.

"Stablecoins become meaningful when they solve real problems that businesses face every day," said Sherri Haymond, Mastercard's Global Head of Digital Commercialization.

SoFiUSD is issued by SoFi Bank, N.A., a national bank overseen by the Office of the Comptroller of the Currency (OCC). According to the company, the token is redeemable 1:1 for US dollars and backed by reserves held mostly in cash — a structure that places the token under federal banking supervision and gives holders a direct redemption path back to dollars.

Kraken listed SoFiUSD earlier this month, Cryptopolitan reported.

SoFi and Mastercard will also explore cross-border payments and remittances via SoFiUSD on the network. Between the ongoing merchant talks and the planned cross-border work, the partnership's next phase offers a view of how far bank-issued stablecoin settlement can reach beyond domestic card flows.