The U.S. neobank first announced its stablecoin, which is built on a “public, permissionless blockchain,” late last year. <\/p>\n
United States-based neobank SoFi and Mastercard announced a strategic partnership to use the bank\u2019s stablecoin, SoFiUSD, in Mastercard’s global payments network. <\/p>\n
Per a press release<\/a> today, March 3, SoFiUSD will be integrated as a settlement option across Mastercard\u2019s network, and is expected to simplify the settlement process for card issuers and acquirers.<\/p>\n The stablecoin will also be used across Mastercard\u2019s digital asset platform, the Mastercard Multi-Token Network (MTN)<\/a>, according to the release<\/p>\n As The Defiant previously report, SoFi first announced<\/a> the launch of SoFiUSD back in December. According to the firm\u2019s communications, the USD-backed stablecoin is built on \u201ca public, permissionless blockchain,\u201d though The Defiant was unable to verify which blockchain network. The neobank said at the time that it was launching its own stablecoin as part of its broader strategy to innovate financial infrastructure for banks, fintechs, and enterprise partners.<\/p>\n SoFi did not not immediately respond to The Defiant\u2019s request to clarify which blockchain the bank is using for SoFiUSD, as well as whether or not the stablecoin will integrate yield sharing \u2014 a possibility previously mentioned by SoFi\u2019s CEO Anthony Noto<\/a> at an event in October. <\/p>\n “By working with SoFi to enable SoFiUSD across the Mastercard network, we’re expanding how trusted digital currencies can be used at global scale,” stated Sherri Haymond, Mastercarcd\u2019s global head of digital commercialization was quoted as saying in today\u2019s release.<\/p>\n This partnership follows SoFi’s relaunch of crypto trading services in November, after shuttering said services back in 2023, citing regulatory uncertainty, as The Defiant reported<\/a>. <\/p>\n