SoFi and Mastercard said on 22 September that stablecoin settlement is "now live across SoFi Bank, N.A.'s debit and credit card program", the bank "migrating its entire $25 billion card program" to SoFiUSD, a dollar token SoFi Bank issues itself.
Settlement is the leg between issuer and network, behind interchange rather than inside it. Mastercard opened it to regulated stablecoins on 3 June, naming USDC, PYUSD, RLUSD and SoFiUSD, and selling intraday, weekend and holiday settlement. New today is the issuer: a chartered bank settling in a token it mints.
$25 billion a year ÷ 365 = $68.5 million of card flow a day. Say the switch frees one of those days for good. At 8.65%, SoFi's yield last quarter on its whole interest-earning book and the friendliest rate it files, that is $5.9 million a year, 0.4% of the $1.6 billion of adjusted EBITDA guided for 2026. Three days would not reach 1.2%. The estimate is ours: SoFi files no settlement cost and no card volume, and a disclosed one would replace it. It does file interchange: $41.1 million in the June quarter, 3.4% of net revenue, untouched by any of this.
SoFi and Mastercard — 22 September 2026
Quotes, the $25 billion figure and the SoFiUSD description: SoFi and Mastercard's 22 September announcement. The stablecoin list and settlement wording: Mastercard's 3 June release. Interchange, net revenue, the yield and 2026 guidance are SoFi's, as reported for June. The float estimate is R40's, on a one-day change neither company claimed.
