SoFi Just Put Stablecoins Into the Card Settlement Layer
Hey Digital Banking Fanatic!
Stablecoins are starting to move from the crypto side of finance into the plumbing of traditional banking.
SoFi and Mastercard just took another big step in that direction, with SoFi Bank becoming the first national bank to go live with stablecoin settlement across Mastercard’s global payments network.
SoFi is migrating its entire $25 billion card program to blockchain-based settlement using SoFiUSD, a bank-issued stablecoin that is redeemable 1:1 for US dollars.
The interesting part? Merchants don’t need to hold stablecoins or change how they operate. The blockchain sits underneath the existing payment infrastructure, while businesses can receive settlement into their SoFi accounts and access their funds around the clock.
And this is already a live production system — not a pilot.
It’s another sign that the more interesting stablecoin story may not be about replacing cards or banks. It may be about quietly rebuilding the infrastructure underneath them.
Let’s get into today’s Digital Banking stories. 👇
See you tomorrow!
Cheers,
INSIGHTS
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NEWS
🇺🇸 SoFi becomes the first national bank to go live with stablecoin settlement across Mastercard's global payments network, processing real-time transactions for businesses and consumers. The milestone makes SoFi the first U.S. national bank to settle live transactions via stablecoin on Mastercard's infrastructure.
🇬🇧 Klarna adds a free unlimited mobile plan to its app for UK Max members, covering data, calls, texts, and 20GB of global roaming. Comparable unlimited 5G plans from legacy UK networks cost about £40 a month; Klarna Max is £44.99 with cashback, subscriptions, and travel perks included.
🇺🇸 Ally Financial launches Loyally, its first loyalty program designed to replace complex point systems with fee-free rewards. Individual perks are valued at up to $1,000 a year, with VIP experiences reaching up to $10,000.
🇬🇧 Monzo shares insights from the FCA's AI Live Testing programme, detailing how it tested an AI savings assistant under regulatory supervision. The programme combined FCA specialists with technical support from Advai to evaluate real-world AI deployment. Monzo focused on ensuring consistent customer outcomes rather than just helpful answers.
🇲🇽 Klar Empresarial opens a $10M credit line for PFAEs and RESICOs in Mexico. The product targets self-employed individuals and small business owners underserved by traditional banks. Read more
🇸🇰 mBank Slovakia launches BLIK mobile payments for customers, giving users access to BLIK’s mobile payment solution directly through their banking app. The service enables customers to make fast payments using BLIK’s network across online and in-store transactions.
🇺🇸 Creatio commits $300 million to its Bank.AI platform, accelerating development of AI capabilities for financial institutions serving retail and commercial banking segments. The investment will expand Bank.AI's automation and intelligence features across the platform's core product suite.
🇨🇦 Fiserv expands Clover's footprint in Canadian sports and entertainment, with the Winnipeg Blue Bombers selecting the platform for venue commerce. Clover now supports six of the nine CFL venues across Canada.
🇰🇷 Kakao Pay and Kakao Bank sign an MoU with Fireblocks to explore digital asset infrastructure in Korea. The companies will jointly assess stablecoin distribution frameworks suited to local regulatory requirements. Fireblocks has deployed infrastructure for over 2,500 global institutions including more than 100 banks.
🇮🇪 Monzo's EU CEO Michael Carney to leave the neobank five months after its Irish launch. Carney plans to launch a new startup using AI and robotics to support people living with disabilities.
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