SoFi to Introduce SoFiUSD for Settlements via Mastercard Network

SoFi, the first nationally chartered bank in the U.S. to offer Bitcoin and cryptocurrency trading, announced plans on March 3 to provide SoFiUSD as a settlement currency through Mastercard's global payment network. According to BlockBeats, SoFi's technology platform, Galileo, is expected to be among the first to offer SoFiUSD settlement options for its payment card customers and issuing banks. Mastercard and SoFi also indicated they will explore additional interoperability applications across stablecoins, fiat currencies, and tokenized assets. These applications may include programmable treasury functions and new payment and fund flow scenarios, contingent upon regulatory considerations.