Mastercard and Visa extend support for stablecoin settlement

Together, the companies will explore how issuers and acquirers can settle card-based transactions with Mastercard using SoFiUSD, dangling the the prospect of faster money movement for use cases such as cross-border remittances and B2B money transfers.

Galileo, SoFi’s technology platform, will be among the first to offer its clients and their issuing banks the choice to settle transactions using SoFiUSD.

The Mastercard Multi-Token Network will also look to support SoFiUSD, with the aim of expanding interoperability between digital assets and traditional forms of money.

The companies are actively exploring other interoperable use cases, including programmable treasury applications and additional money movement and payout scenarios.

Anthony Noto, CEO of SoFi, says: “With SoFiUSD as a settlement currency across Mastercard’s network, card issuers and acquirers can more easily enable the millions of businesses they serve around the globe to instantly settle transactions, 24 hours a day, 7 days a week. This is only the beginning of our efforts to bring SoFi’s bank-grade infrastructure to digital commerce.”

Separately, Visa is expanding its stablecoin settlement pilot with Stripe-owned Bridge, enabling Visa issuers and acquirers, including those issuing Bridge-enabled cards, to settle with Visa using stablecoins over supported blockchain networks. Earlier this year, bridge partner Lead Bank was announced as a participant in Visa’s stablecoin settlement pilot.

Bridge-enabled stablecoin-linked cards are now live in 18 countries, with planned expansion to over 100 countries across Europe, Asia Pacific, Africa and the Middle East by end of year. Popular crypto platforms like Phantom and MetaMask are using cards to enable millions of customers to easily spend stablecoins on everyday purchases.

“Visa is committed to meeting businesses where they operate, and increasingly, that’s onchain,” says Cuy Sheffield, head of crypto, Visa. “Expanding our work with Bridge gives us one more way to bring the speed, transparency and programmability of stablecoins directly into the settlement process. This milestone gives our partners greater choice in how they move value, and it reinforces Visa’s role as a trusted network connecting stablecoins and the global payments ecosystem.”