SoFi Becomes First US National Bank to Settle Card Payments in Its Own Stablecoin

• —SoFi is the first nationally chartered US bank to run stablecoin settlement in production on Mastercard's network
• —The card programme being moved onto the rail handles over $25 billion in annualised volume
• —Merchants can receive settlement instantly in a SoFi account and convert to cash around the clock at no cost
• —The bank issues the token itself, keeping reserves in-house rather than with a third-party custodian