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SoFi Technologies (NASDAQ:SOFI) shares climbed 3% on Tuesday after SoFi Bank announced it is the first nationally chartered US bank to deploy live stablecoin settlement across Mastercard's (NYSE:MA) global payments network.
The move marks a shift in how the bank processes transactions for its debit and credit card holders, replacing traditional settlement methods with blockchain-based infrastructure using its proprietary token, SoFiUSD.
The bank is in the process of migrating its entire card programme to this new settlement structure.
SoFi projects the arrangement will handle more than $25 billion in annualised payment volume once the transition is complete.
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