SoFi launches stablecoin settlement across Mastercard network
1 Sep 22 8:20 AM · 1d ago · 1 article · 1 post · 6 comments · 2 sources · development 1 of 1
SoFi and Mastercard announced that stablecoin settlement is now live across SoFi Bank's debit and credit card program. SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement using SoFiUSD, a stablecoin issued by a federally regulated bank.
“SoFi Technologies, Inc. (NASDAQ: SOFI) and Mastercard (NYSE: MA) today announced that stablecoin settlement is now live across SoFi Bank, N.A.'s debit and credit card program…”
SoFi and Mastercard · reddit ↗SoFi Technologies Fintech company launching stablecoin settlementMastercard Payment network operator
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What was reported 1 claim about this development
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first by Seeking Alpha, 1d ago · also Yahoo Finance
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What people said 9 voices · verbatim
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I .. just hate their business model of relying on t-bill yields for their revenue. On one hand, it's nice and boring, but on the other hand they are NO Tether in terms of being lean and collecting massive margins. I heard through some pods that they have insane operating margins - dont quote me - but like > 90%. I did get the vibes that they may…
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What's funny is I liked the T-bill angle, then I realized...oh crap they have to acquire the customer, Were visa/stripe already have the customer. All they need to do is put a switch or a toggle, that says use stable for settlement-cheap and free. Circle has to sign every single merchant up. I think they win in crypto land, but that is a such a…
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I pay by stablecoins quite often for online services. The popular rails I've used are the one by coinbase, now payments and stripe. I'm telling you the stablecoins are completely commoditized. There's almost no advantage of using USDC over USDT. I have coinbase so I prefer USDC over the Base network. The UX of the payment gateway matters a lot and…
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The $25 billion figure sounds like the size of the card program, not $25 billion of new stablecoin demand. The interesting part is whether settlement gets cheaper or faster enough to matter after Mastercard and SoFi take their cuts. Fwiw, banks already have the customers, so I’d watch transaction volume and reserve economics before treating this…
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It does strike me as one of those things where someone's going to burn a ton of capital on a tech that has zero moat, but it'll make transaction settlement quicker for everyone. It'd be better to just invest in a bank that's going to rent out the tech for almost nothing since they're the ones with the actual customers providing them mortgage loan…
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I'm just happy that I've been trimming my $CRCL position at a larger profit than I deserve. I might zero it if it crosses 100 again. Zero competitive advantage against Sofi and Coinbase.
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Oh, I read your comment as being bearish on $HOOD. No - I agree with you. I'm very bullish on Robinhood but for similar reasons as Sofi - not just crypto / prediction markets.
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I was super bullish on Circle, but then I am like...wait. I am just going to use whatever my bank uses. I haven't seen circle sign up any top bank, they are just pilots.
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I’ve been selling cc on this since Jan and I still need this to go above 20 for me to sell this shitty bag 💼
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