SoFi Bets $25 Billion on Putting Stablecoins Behind the Card Swipe

SoFi Technologies is migrating its entire $25 billion card program to stablecoin settlement using its own U.S. dollar-backed stablecoin, SoFiUSD, in conjunction with Mastercard's payment network. This move aims to integrate digital dollars into existing payment infrastructure without altering the consumer experience. This strategy, along with Thredd's expansion of stablecoin-powered money movement capabilities, suggests a shift in the financial services industry towards leveraging blockchain technology for underlying payment infrastructure rather than relying on direct consumer adoption of new payment methods. Stablecoins are increasingly being viewed as a potential replacement for traditional correspondent banking and settlement machinery.