SoFi and Mastercard to introduce settlement on global payments network using dollar stablecoin 'SoFiUSD'
Summary
- SoFi and Mastercard said they will introduce the U.S. dollar-backed stablecoin 'SoFiUSD' as a settlement instrument on a global payments network.
- SoFi said it plans to settle card transactions in SoFiUSD on the Mastercard network to support faster settlement for cross-border remittances and business-to-business payments.
- SoFiUSD is a dollar-pegged stablecoin issued by SoFi Bank, which is regulated by the U.S. Office of the Comptroller of the Currency (OCC). It is issued on the Ethereum network, and the two companies said they also plan to explore expanding interoperability among stablecoins, fiat currencies and tokenized assets.
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SoFi and Mastercard will introduce the U.S. dollar-backed stablecoin 'SoFiUSD' as a settlement instrument on a global payments network.
According to crypto industry outlet The Block on the 3rd, SoFi is moving to settle card transactions in SoFiUSD on the Mastercard network. This is expected to support faster settlement for cross-border remittances and business-to-business payments.
SoFiUSD is a dollar-pegged stablecoin issued by SoFi Bank, which is regulated by the U.S. Office of the Comptroller of the Currency (OCC). It is backed 1:1 by cash reserves and issued on the Ethereum network.
The two companies also plan to explore expanding interoperability among stablecoins, fiat currencies and tokenized assets going forward.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
