U.S. fintech company SoFi has begun using its SoFiUSD settlement debit and credit card transactions on Mastercard’s global payments network, and plans to migrate its entire card program to blockchain settlement. The related business is expected to have an annualized transaction value exceeding $25 billion. SoFi says it is the first bank to go live with stablecoin settlement on the Mastercard network. Merchants don’t need to hold SoFiUSD or change their payment systems; they can receive settlement funds instantly via SoFi’s Big Business Banking platform, and withdraw cash for free around the clock. The two sides also plan to offer the service to other issuing banks and are exploring cross-border payments and remittance applications. (The Block)