"Mastercard's partnership with SoFi Technologies introduces SoFiUSD, a dollar-backed stablecoin, to settle credit and debit card transactions, enhancing transaction efficiency across its network."
"SoFiUSD is issued by a nationally chartered US bank and maintains a 1:1 cash reserve structure, positioning it closer to bank-issued digital money than typical crypto assets."
Mastercard is integrating stablecoins into its payment settlement process through a partnership with SoFi Technologies, which has launched a dollar-backed stablecoin called SoFiUSD. This stablecoin will be used by SoFi Bank to settle Mastercard transactions, allowing banks and fintech issuers on SoFi's network to opt for stablecoin settlements. SoFiUSD is backed by a 1:1 cash reserve, aligning it more closely with bank-issued digital money. This initiative indicates a shift towards a future where traditional banking and digital assets coexist.
Read at Cointelegraph
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