SoFi Bank migrated its $25 billion card program to Mastercard rails using proprietary stablecoin SoFiUSD for instant blockchain settlement, while maintaining Visa integration through Galileo to force competitive bidding between the two payment networks and secure favorable contract terms.
The US government is considering promoting dollar-backed stablecoins internationally to strengthen the dollar's reserve currency status. Tech companies and financial institutions are exploring stablecoins as infrastructure for AI agent payments and settlement, with SoFi launching a proprietary stablecoin on Mastercard rails.
The US is considering initiatives to promote dollar-backed stablecoins globally, while major financial institutions including BlackRock, Mastercard, and the Federal Reserve are advancing blockchain-based payments and tokenization. Stablecoins are entering mainstream adoption through card settlement programs and cross-border payment systems.