SoFi Moves Entire Card Program to Blockchain Settlement Using SoFiUSD Stablecoin

SoFi's decision to settle its own card volume on its own stablecoin is notable less for the technology than for the closed loop it creates: the lender issues the card, the token, and now the settlement rail, capturing the float and the fee economics that traditionally leak to card networks and correspondent banks. The scale implied by the expected volume suggests this is a production commitment rather than a pilot, which matters for other issuers weighing whether stablecoin settlement is viable outside crypto-native use cases. The open question is whether the model holds up beyond a single issuer's balance sheet — particularly how interoperability, reserve transparency, and network acceptance evolve.