SoFi Technologies (NASDAQ: SOFI) traded higher on Tuesday, September 22, 2026, after SoFi and Mastercard switched on stablecoin settlement for SoFi Bank's debit and credit cards. SoFi is moving the whSoFi Technologies (NASDAQ: SOFI) traded higher on Tuesday, September 22, 2026, after SoFi and Mastercard switched on stablecoin settlement for SoFi Bank's debit and credit cards. SoFi is moving the wh
Why Is SoFi Stock Rising? SoFiUSD Now Settles SoFi's $25 Billion Card Program on Mastercard
SoFi Technologies (NASDAQ: SOFI) traded higher on Tuesday, September 22, 2026, after SoFi and Mastercard switched on stablecoin settlement for SoFi Bank's debit and credit cards. SoFi is moving the whole card program, which it expects to process more than $25 billion a year, onto settlement in SoFiUSD, the dollar stablecoin its bank issues. The shares gained nearly 5% early in the session before giving back much of the move.
Key Takeaways
- On September 22, 2026, SoFi Bank became what SoFi calls the first national bank to go live with stablecoin settlement on Mastercard's global network, using its own SoFiUSD.
- The $25 billion is SoFi's own debit and credit card program, measured as expected annualized volume. It is not a Mastercard program, and it is not SoFi revenue.
- Cardholders see no change, and merchants do not need to hold SoFiUSD. Merchants that bank with SoFi can receive settlement funds instantly and withdraw cash around the clock at no cost.
- SOFI rose nearly 5% early from a $16.97 close and was up about 1.6% by midday. The stock was still down roughly 34% for 2026.
- The next checkpoints are named merchant deals, SoFiUSD use beyond SoFi's own cards, and third-quarter results expected on October 27, 2026.
What Did SoFi and Mastercard Announce on September 22?
SoFi and Mastercard announced that SoFi Bank, N.A. now settles its full debit and credit card program through SoFiUSD on Mastercard's global network. The program is expected to carry more than $25 billion in annualized volume, and the companies said transactions were already settling on the blockchain on the day of the announcement.
The launch turns a six-month-old plan into a live product. The two companies first announced the SoFiUSD settlement partnership in March. In its September 22 release, SoFi calls SoFiUSD the first stablecoin issued by a nationally chartered bank.
SoFi CEO Anthony Noto aimed the pitch at merchants, saying they "do not need to hold stablecoins" to benefit. Mastercard's Sherri Haymond, who leads digital commercialization, presented the launch as the point where stablecoin work stops being an experiment and starts running inside Mastercard's production network.
SoFi added that it is negotiating with large U.S. merchants, from multinational retailers to technology platforms, about settling in stablecoins. Cross-border payments and remittances are the next use cases it plans to study with Mastercard. The release named no merchant and disclosed no financial terms.
How Does SoFiUSD Card Settlement Work?
SoFiUSD card settlement changes the back office, not the checkout. A SoFi cardholder still pays at any Mastercard merchant exactly as before. What changes is how money moves after the purchase: SoFi Bank can now settle its card transactions across Mastercard's network in SoFiUSD on a public blockchain, which does not pause for weekends or bank holidays.
That option exists because Mastercard widened its settlement options in June 2026 to include intraday, weekend and holiday settlement, including on-chain settlement in regulated stablecoins. Its list covers USDC, PYUSD, USDG, USDP, RLUSD and SoFiUSD on networks such as Ethereum, Solana, Base, Polygon, Arbitrum and the XRP Ledger. SoFi says it is the first national bank to go live on that capability, and it is doing so with a stablecoin it issues itself.
The launch touches three layers of a card payment:
- Cardholders: nothing changes, and a SoFi debit or credit card works the same way at checkout.
- Settlement: SoFi Bank's card settlement moves to SoFiUSD, which can move at any hour instead of waiting for business days.
- Merchants: through SoFi's Big Business Banking platform, a merchant can receive settlement funds instantly in a SoFi Bank account and withdraw cash at any hour at no cost, without ever holding a stablecoin.
SoFiUSD is issued by SoFi Bank, N.A., a national bank supervised by the OCC. Each token is redeemable for one U.S. dollar, and the reserves are held mainly in cash. SoFi launched SoFiUSD in December 2025 and opened it to SoFi app users in May 2026. The token started on Ethereum and added Solana on April 2, 2026.
One distinction matters. SoFi's own disclosure says SoFiUSD is not a deposit, is not covered by FDIC or SIPC insurance, carries no bank guarantee and can lose value. The issuing bank is federally regulated, but the token itself has no deposit insurance.
Why Did SoFi Stock Rise, and Why Did the Gain Fade?
SoFi stock rose because the launch put a date and a $25 billion scale on a stablecoin strategy that had mostly been a plan. The gain faded because SoFi gave no revenue figures or merchant names, and the main debate around the stock, its dependence on lending, did not change on Tuesday.
SOFI closed at $16.97 on Monday, September 21. On Tuesday it climbed nearly 5% in morning trading and led Stocktwits' trending list. By midday the stock was up about 1.6%, at $17.24.
The wider picture is a stock under pressure. Even after the gain, SOFI was still down about 34.5% for 2026. Its 52-week range, according to CNBC market data, runs from $14.88 on July 29, 2026, to $32.73 on November 12, 2025. Earlier in September, Loop Capital began coverage at Hold with a $22 target, pointing to the risks of SoFi's growing reliance on lending.
Timing helped credibility. On the July 29 earnings call, Noto said SoFi had already begun settling its trading business in SoFiUSD and that Mastercard card settlement would follow within weeks, as 24/7 Wall St. reported. Tuesday's launch delivered on that guidance.
What Does SoFiUSD on Mastercard Mean for Stablecoins?
SoFiUSD on Mastercard marks a bank-issued stablecoin moving from pilot to production card settlement at scale. Mastercard's program already worked with stablecoins from non-bank issuers, and Circle's USDC was handling early on-chain settlement flows in select markets. SoFi adds a different model: the stablecoin issuer and the card-issuing bank are the same regulated entity.
For crypto traders, three signals are worth tracking:
- Distribution: when the partnership was announced in March, the companies said SoFi's Galileo platform was expected to be among the first to offer SoFiUSD settlement to other card issuers. SoFi says its technology platform serves more than 134 million accounts worldwide.
- Merchant uptake: SoFi is in talks with large U.S. merchants but has not announced a signed deal, so the first named merchant will be the clearest test of demand.
- Supply versus flow: $25 billion of yearly settlement does not mean $25 billion of SoFiUSD in circulation. If tokens are minted and redeemed quickly, a small float can settle a large volume, so supply data alone may understate usage.
What Are the Bull and Bear Cases for SOFI After the Launch?
The bull case for SOFI is that SoFi now runs a working, bank-issued stablecoin settlement product at real scale before any other U.S. national bank. The bear case is that no outside merchant or issuer has publicly signed on, and the launch does not change the credit and funding questions that drive most of SoFi's valuation.
The bull case
- SoFi says it is the first national bank live on Mastercard's stablecoin settlement, with a $25 billion program already moving across.
- Management delivered on the timeline it gave in July, which supports its execution record.
- Galileo gives SoFi a route to sell the same capability to other banks and fintechs.
The bear case
- SoFi has not said what the settlement business earns, and $25 billion is payment volume, not revenue.
- Merchant talks have not yet produced a named contract.
- SoFi's own risk language flags changing rules for digital assets, and the stock still trades mainly on lending and credit conditions.
What Should SOFI Traders Watch Next?
The next hard data point is SoFi's third-quarter report, which Benzinga lists for October 27, 2026. Traders will look for settlement volumes, merchant sign-ups and SoFiUSD metrics. Before then, a named merchant or a first cross-border pilot with Mastercard would show whether the product can grow beyond SoFi's own cards.
For eligible users, MEXC offers several ways to follow SOFI from one account. SOFI stock futures on MEXC allow long or short positions with leverage. MEXC's guide to trading stock futures explains how these contracts work. For unleveraged exposure, users can look at SOFION, an Ondo tokenized stock that tracks SOFI. Eligible users can also buy real SoFi shares through MEXC RealStocks. Product availability varies by region, and leveraged futures carry liquidation risk.
Frequently Asked Questions About SoFi Stock and SoFiUSD
Why is SoFi stock up today?
SoFi stock rose on September 22, 2026, after SoFi and Mastercard began settling SoFi Bank's debit and credit card transactions in SoFiUSD on Mastercard's network. The shares gained nearly 5% in early trading and held a smaller gain of about 1.6% by midday.
What is SoFiUSD?
SoFiUSD is a U.S. dollar stablecoin issued by SoFi Bank, N.A., an OCC-supervised national bank. It is redeemable 1:1 for dollars, backed mainly by cash reserves and available on Ethereum and Solana. SoFi launched it in December 2025.
Is SoFiUSD FDIC insured?
No. SoFi's disclosure states that SoFiUSD is not a deposit, is not insured by the FDIC or SIPC, is not bank-guaranteed and may lose value. Redemption at 1:1 is subject to SoFi's terms.
Is the $25 billion card program Mastercard's?
No. The $25 billion is SoFi Bank's own debit and credit card program, measured as expected annualized volume. The cards run on Mastercard's network, which is where the SoFiUSD settlement now happens.
Do merchants need to accept crypto to use SoFiUSD settlement?
No. SoFi says merchants do not need to hold stablecoins, build new systems or change how they operate. Merchants using SoFi's Big Business Banking can receive funds instantly in a SoFi Bank account and withdraw cash around the clock at no cost.
Which blockchains does SoFiUSD use?
SoFiUSD launched on Ethereum in December 2025 and added Solana in April 2026. SoFi has said more networks will follow.
When does SoFi report earnings next?
SoFi's third-quarter 2026 results are expected on October 27, 2026. Investors will look for the first figures on stablecoin settlement volume and merchant adoption.
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