What happened
- Specific facts/numbers: SoFi and Mastercard said stablecoin settlement is now live for SoFi Bank, N.A.’s debit and credit card programme, with the programme expected to process more than $25 billion in annualized volume using SoFiUSD.
- Institutions involved: The story centers on SoFi Technologies, SoFi Bank, N.A., Mastercard, and SoFiUSD; earlier company materials also linked the broader effort to Galileo and Mastercard’s Multi-Token Network.
- Regulatory/technical context: The deployment uses SoFiUSD, described by the companies as a fully reserved U.S. dollar stablecoin issued by a nationally chartered U.S. bank, for blockchain-based settlement across card flows.
- What to watch next: Watch for broader rollout to additional issuers or platform clients and for any updated bank or network disclosures on stablecoin settlement; no specific next milestone was identified.
Why it matters
A live bank-issued stablecoin settlement use case on a major card network suggests tokenized payment rails are moving from pilot projects into production-scale card infrastructure.
HKMA Relevance
Direct: This is a central-bank-relevant payments and stablecoin infrastructure development involving bank settlement and tokenisation, areas directly aligned with the HKMA’s policy agenda.