SoFi Bank Settles Entire Card Network in Its Own Stablecoin, Targets $25B Annual Volume

A nationally chartered bank settling a major card network in its own token is a structural shift: the stablecoin stops being a crypto-native product and becomes bank plumbing, which puts SoFi in direct conversation with issuers and networks weighing similar moves. The immediate read is competitive positioning around settlement speed and cost rather than customer-facing payments, since SoFiUSD only reached the app in May. The open questions are whether other chartered banks follow, and whether the $25 billion figure reflects actual migrated volume or an internal target.