SOFI AND MASTERCARD TO SETTLE TRANSACTIONS IN SOFIUSD

Summary from the TLDR Crypto newsletter

SoFi and Mastercard are moving to let SoFiUSD (a fully reserved US dollar stablecoin issued by OCC-regulated, FDIC-insured SoFi Bank and deployed on Ethereum) be used as a settlement currency across Mastercard's global network. SoFi's Galileo is expected to offer issuing banks the option to settle card transactions in SoFiUSD, supported via Mastercard's Multi-Token Network. Potential use cases include faster cross-border remittances, B2B transfers, programmable treasury flows, and SoFi settling its own Mastercard-powered card transactions in the token.