Mentioned:
SoFi Technologies has big plans for the stablecoin business. Which is exactly why they’re partnering up with Mastercard.
What’s happening:
- SoFi Technologies (NASDAQ: SOFI) has launched a new pilot project with Mastercard to use their stablecoin known as SoFiUSD as a settlement currency on Mastercard’s global network
Why it matters:
- This is the first time ever SoFi Technologies has leveraged their stablecoin for settlement with a major credit card provider
Going deeper:
- SoFi Technologies has publicly stated that using SoFiUSD will enable much faster settlement options for Mastercard users and also unlock seamless cross border payments that will be available 24/7
- SoFi Technologies previously made major waves on Wall Street when they became the first national bank in American history to launch their own stablecoin on a public blockchain
