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SoFi Brings SoFiUSD to Mastercard: Can It Unlock a New Growth Engine?
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Key Takeaways
SoFi is shifting its debit and credit card program to SoFiUSD settlement through Mastercard.
SOFI's interchange fee revenues rose 67% year over year as annualized card spend topped $28 billion.
SoFiUSD may support fee-based revenues and net interest income through merchant and cross-border payments.
SoFi Technologies (SOFI - Free Report) is putting stablecoin settlement into a business that already has meaningful payments scale. SoFi Bank has begun moving its debit and credit card program onto SoFiUSD settlement through Mastercard, with the program expected to process more than $25 billion in annualized volume. Transactions are already live on blockchain rails.
The rollout lands as card activity is accelerating. In second-quarter 2026, SoFi reported more than $28 billion of annualized spend across money and credit cards, while interchange fee revenues rose 67% year over year and 25% sequentially. Credit card revenues also more than doubled from a year earlier. Moving this high-volume transaction flow to SoFiUSD could make settlement faster and more efficient.
SoFiUSD was already being used before the Mastercard launch. During second-quarter 2026, SoFi began settling its crypto trading business in SoFiUSD, while Big Business Banking started processing transactions through the SoFi Exchange Network. Management said these products could create additional fee-based revenues and net interest income over time.
The merchant opportunity could broaden that revenue base. SoFi says businesses using Big Business Banking can receive settlement funds instantly, convert them to cash around the clock and avoid holding stablecoins themselves. The company is also discussing stablecoin-based settlement with large U.S. merchants and exploring cross-border payments and remittances with Mastercard.
The timing matters because SoFi is expanding beyond lending. Second-quarter 2026 adjusted net revenues rose 40% to $1.2 billion, while fee-based revenues reached $472 million, or 39% of total revenues. Financial Services and Technology Platform produced $551 million, or 46% of adjusted net revenues, potentially giving SoFiUSD another route to support that mix.
SoFi Peers Expand Blockchain Payments as Digital Money Grows
PayPal Holdings, Inc. (PYPL - Free Report) is also pushing blockchain deeper into payments through PYUSD and its Pay with Crypto service. PayPal Holdings lets U.S. merchants accept crypto from global buyers with local-currency settlement. In second-quarter 2026, PayPal Holdings posted $8.7 billion in revenues, up 5%, while broadening digital-payment options for business customers.
Block, Inc. (XYZ - Free Report) is taking a Bitcoin-led approach through Square, which enables eligible U.S. sellers to accept Bitcoin payments and settle in dollars or Bitcoin. Block charges 0% processing through 2026 across its seller network. In second-quarter 2026, Block reported $3.17 billion in gross profit, up 25% year over year.
SOFI’s Price Performance, Valuation and Estimates
Shares of SOFI have gained 2.8% over the past six months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 22.68, well above the industry’s 15.63. It carries a Value Score of F.
Image Source: Zacks Investment Research
SOFI’s estimate revisions reflect a favorable trend for full-year 2026. The Zacks Consensus Estimate for full-year 2026 EPS has gained a cent to 60 cents over the past two months.
View the Zacks #1 Rank List
Image: Bigstock
SoFi Brings SoFiUSD to Mastercard: Can It Unlock a New Growth Engine?
Key Takeaways
SoFi Technologies (SOFI - Free Report) is putting stablecoin settlement into a business that already has meaningful payments scale. SoFi Bank has begun moving its debit and credit card program onto SoFiUSD settlement through Mastercard, with the program expected to process more than $25 billion in annualized volume. Transactions are already live on blockchain rails.
The rollout lands as card activity is accelerating. In second-quarter 2026, SoFi reported more than $28 billion of annualized spend across money and credit cards, while interchange fee revenues rose 67% year over year and 25% sequentially. Credit card revenues also more than doubled from a year earlier. Moving this high-volume transaction flow to SoFiUSD could make settlement faster and more efficient.
SoFiUSD was already being used before the Mastercard launch. During second-quarter 2026, SoFi began settling its crypto trading business in SoFiUSD, while Big Business Banking started processing transactions through the SoFi Exchange Network. Management said these products could create additional fee-based revenues and net interest income over time.
The merchant opportunity could broaden that revenue base. SoFi says businesses using Big Business Banking can receive settlement funds instantly, convert them to cash around the clock and avoid holding stablecoins themselves. The company is also discussing stablecoin-based settlement with large U.S. merchants and exploring cross-border payments and remittances with Mastercard.
The timing matters because SoFi is expanding beyond lending. Second-quarter 2026 adjusted net revenues rose 40% to $1.2 billion, while fee-based revenues reached $472 million, or 39% of total revenues. Financial Services and Technology Platform produced $551 million, or 46% of adjusted net revenues, potentially giving SoFiUSD another route to support that mix.
SoFi Peers Expand Blockchain Payments as Digital Money Grows
PayPal Holdings, Inc. (PYPL - Free Report) is also pushing blockchain deeper into payments through PYUSD and its Pay with Crypto service. PayPal Holdings lets U.S. merchants accept crypto from global buyers with local-currency settlement. In second-quarter 2026, PayPal Holdings posted $8.7 billion in revenues, up 5%, while broadening digital-payment options for business customers.
Block, Inc. (XYZ - Free Report) is taking a Bitcoin-led approach through Square, which enables eligible U.S. sellers to accept Bitcoin payments and settle in dollars or Bitcoin. Block charges 0% processing through 2026 across its seller network. In second-quarter 2026, Block reported $3.17 billion in gross profit, up 25% year over year.
SOFI’s Price Performance, Valuation and Estimates
Shares of SOFI have gained 2.8% over the past six months, underperforming the broader industry and the S&P 500 Index.
Image Source: Zacks Investment Research
From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 22.68, well above the industry’s 15.63. It carries a Value Score of F.
Image Source: Zacks Investment Research
SOFI’s estimate revisions reflect a favorable trend for full-year 2026. The Zacks Consensus Estimate for full-year 2026 EPS has gained a cent to 60 cents over the past two months.
Image Source: Zacks Investment Research
SOFI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.