SoFi becomes first US bank to settle card transactions on blockchain using stablecoin
According to Yahoo Finance, SoFi Bank has gone live settling debit and credit card transactions in its own stablecoin across Mastercard's network, making it the first nationally chartered US bank to move card settlement onto a public blockchain. Yahoo Finance reports the program handles more than $25 billion in transactions annually. Customers use normal cards and receive normal dollars; only the backend settlement infrastructure changed to blockchain-based processing.
✓ Verified
- ✓SoFi Bank settled card transactions on its own stablecoin across Mastercard's network. (73 mainstream media articles)
- ✓SoFi is the first nationally chartered US bank to move card settlement onto a public blockchain. (73 mainstream media articles)
- ✓The program handles more than $25 billion in transactions annually. (73 mainstream media articles)
~ Interpretation
- ~Only the backend settlement infrastructure changed while customer experience remained unchanged. (Source: description, not independently verified as analytical claim)
- ~The blockchain infrastructure represents crypto's 'killer application' in traditional finance. (Scott Melker analysis, not independently verified finding)
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