Mastercard is Using a Bank-Issued Stablecoin to Settle Card Transactions on Ethereum

SoFi Technologies and Mastercard announced a partnership enabling SoFiUSD to serve as a settlement currency across Mastercard’s global payments network, marking the first time a stablecoin issued by a US nationally chartered FDIC-insured bank has been used for global network settlement on a public blockchain. What the Partnership Does The mechanics are straightforward. source: https://www.ethnews.com/mastercard-is-using-a-bank-issued-stablecoin-to-settle-card-transactions-on-ethereum/