SoFiUSD, a stablecoin issued by SoFi Bank, is live on Mastercard’s global payments network and is expected to process more than $25 billion in annualized volume. The token is redeemable 1:1 for U.S. dollars and backed primarily by cash reserves, while merchants can receive settlement through bank accounts without holding stablecoins or building blockchain infrastructure. The rollout gives Mastercard another stablecoin model alongside its RLUSD pilot with Ripple, Gemini and WebBank on the XRP Ledger. It also raises questions about whether regulated banks that issue their own stablecoins will rely on independent assets such as RLUSD and USDC. Ripple’s broader strategy across custody, payments, stablecoins and treasury infrastructure could make interoperability and liquidity increasingly important as bank-issued digital currencies proliferate.