Deployments · platform by Mastercard

Mastercard stablecoin settlement for issuers, acquirers and merchants

Mastercard lets card issuers, acquirers and merchants settle card transactions in regulated stablecoins on public blockchains, adding weekend and holiday settlement cycles. It began with USDC and EURC for acquirers in Eastern Europe, the Middle East and Africa in 2025, then in June 2026 widened to six dollar stablecoins on eight chains, starting in the US and Latin America. SoFi Bank went live in September 2026, moving its whole card programme to settlement in its own SoFiUSD stablecoin.

Live (limited) since 22 Sep 2026^[3]i — Live with named early adopters in selected regions; phased rollout, and Mastercard has published no volume. · Reviewed 13d ago i

Assets

Stablecoin^[1]

USDC, EURC, PYUSD, USDG, USDP, RLUSD and SoFiUSD as settlement assets

Networks

Arbitrum Public, permissionless^[1]

Base Public, permissionless^[1]

Canton Network Public, permissioned^[1]

Ethereum Public, permissionless^[1]

Polygon Public, permissionless^[1]

Solana Public, permissionless^[1]

Tempo Public, permissioned^[1]

XRP Ledger Public, permissionless^[1]

Use cases i

Card settlement^[3]Cross-border payments^[2]

Jurisdictions

United States, Mexico, United Arab Emirates, Bahrain

Participants

• MastercardPlatform provider, Operator^[1]United States
• SoFiClient or user, Issuer^[3]United States
• Cross River BankClient or user^[1]United States
• Lead BankClient or user^[1]United States
• CBW BankClient or user^[1]United States
• ARQClient or user^[1]Mexico
• NuveiClient or user^[1]Canada
• Arab Financial ServicesClient or user^[2]Bahrain
• Eazy Financial ServicesClient or user^[2]United Arab Emirates
• CircleIssuer^[2]United States
• PaxosIssuer^[1]United States
• RippleIssuer^[1]United States

Likely relevant regulation i

• Dubai Virtual Assets and Related Activities Regulations 2023 (VARA regime)United Arab Emirates
• US federal banking agencies' framework for bank crypto-asset, stablecoin and tokenisation activitiesUnited States
• GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act)United States

Assets

• Settles inUSD Coin (USDC)^[1]
• Settles inEURC (EURC)^[2]
• Settles inPayPal USD (PYUSD)^[1]Enabled from June 2026; no evidenced flows found.
• Settles inGlobal Dollar (USDG)^[1]Enabled from June 2026; no evidenced flows found.
• Settles inPax Dollar (USDP)^[1]Enabled from June 2026; no evidenced flows found.
• Settles inRipple USD (RLUSD)^[1]Enabled from June 2026; no evidenced flows found.

Metrics i

• over $25bn / yearSoFi card programme volume moving to stablecoin settlement · as of Sep 2026context^[4]
  Expected annualised volume of the programme being migrated, not volume already settled.

Timeline

1. Happened 22 Sep 2026 · Participant joined · recorded 11 Oct 2026
   SoFi Bank goes live, migrating its card programme of about $25 billion a year to settlement in SoFiUSD.^[3]
2. Happened Jun 2026 (month only) · Launch · recorded 11 Oct 2026
   Mastercard extends settlement to six regulated dollar stablecoins across eight blockchains, with five named early adopters in the US and Latin America.^[1]
3. Happened 26 Aug 2025 · Scope expansion · recorded 11 Oct 2026
   Mastercard and Circle open USDC and EURC settlement to acquirers in EEMEA, naming Arab Financial Services and Eazy Financial Services as first adopters.^[2]

Sources i