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As part of the launch, SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement of transactions using SoFiUSD, the first stablecoin issued by a nationally chartered bank. Transactions are live
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Visa and Mastercard will fund a $167.5M settlement for eligible consumers charged unreimbursed independent ATM fees.
Mastercard is expanding its stablecoin capabilities by partnering with SoFi to settle debit and credit card transactions using SoFiUSD on its network. SoFi's card program is expected to process over $25 billion in annualized volume, with transactions already live on the blockchain. The partnership positions Mastercard to strengthen its role in connecting traditional finance with digital assets, while also exploring cross-border payments and remittances. Competitors Visa and PayPal are similarly expanding their stablecoin platforms.
SoFi shares trade higher as Mastercard enables stablecoin settlement across SoFi Bank’s $25 billion debit and credit card program using SoFiUSD.
Cardano jumps 8% after joining Coinbase’s x402 payment standard, enabling AI agents to pay for online services as ADA targets $0.2563.
SoFi Technologies has experienced a significant 40% stock decline, prompting analysis of whether it represents a buying opportunity. The article examines the nuances behind the sell-off and provides perspective on the fintech company's investment potential, alongside updates on competing companies like Nu Holdings and Robinhood Markets.
SoFi stock has declined 34% year-to-date but may present a buying opportunity ahead of Q3 earnings on October 27. The fintech bank benefits from its 2022 bank charter, allowing it to take deposits and fund loans directly, resulting in 35% member growth to 15.8 million and 42% product growth. Trading at 21x forward earnings with raised revenue guidance (32-35% growth), SoFi offers improved valuation despite headwinds from higher interest rates and the loss of major client Chime. The stock could surge before earnings but may decline after results are announced.