SoFi, a U.S. consumer bank, has announced an expanded partnership with Mastercard to introduce SoFiUSD as a settlement currency within Mastercard's global payment network. SoFiUSD, a fully reserved USD stablecoin issued by SoFi Bank, is regulated by the OCC and insured by the FDIC, and is deployed on Ethereum. Under the new arrangement, issuers and acquirers will be able to use SoFiUSD for card transaction settlements, facilitating faster cross-border remittances and B2B fund transfers. Additionally, SoFi plans to settle its own credit and debit card transactions processed through the Mastercard network using SoFiUSD.
SoFi Expands Partnership with Mastercard to Use SoFiUSD for Settlements
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