SoFi Moves Its Over $25 Billion Annual Card Business to SoFiUSD Settlement

Odaily reports: Digital bank SoFi has begun settling debit and credit card transactions with Mastercard through the stablecoin SoFiUSD, and plans to migrate its entire card business to the system. The card business is expected to process over $25 billion in annualized transaction volume.

SoFi stated that cardholders can continue to use their cards as usual, with on-chain settlement occurring in the background to accelerate transaction settlement. The arrangement does not remove intermediaries such as Mastercard and banks from the card settlement process, but instead provides an alternative blockchain-based settlement channel. (Cointelegraph)