Mastercardがstablecoinでカード決済を決済する仕組み

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Key takeaways Mastercard is integrating stablecoins into its payment infrastructure to modernize the back-end settlement process, allowing banks and issuers to settle card transactions using regulated digital dollars such as SoFiUSD. The partnership with SoFi Technologies enables SoFi Bank to settle Mastercard transactions in SoFiUSD, while Galileo’s platform allows other banks and fintech issuers to adopt stablecoin settlement. Stablecoin settlement focuses on the post-transaction clearing stage, meaning consumers will continue using cards normally while the underlying settlement between banks may occur through blockchain-based digital assets. By leveraging its Multi-Token Network (MTN), Mastercard aims to support multiple forms of tokenized money, including stablecoins, tokenized deposits and digital representations of fiat currencies. Stablecoins are increasingly moving beyond the crypto niche and into mainstream financial discussions. A prime example is Mastercard’s move to integrate stablecoins into its card payment settlement process. Rather than abandoning the traditional card model, Mastercard is simply upgrading the back-end infrastructure by introducing regulated digital dollars into the mix. By teaming up with SoFi Technologies, the payments giant is testing how these digital assets can streamline transaction settlements across its massive network. This initiative signals that the world’s largest payment rails are preparing for a future in which traditional banking and digital assets exist side by side. The SoFiUSD partnership Mastercard’s recent initiative involves a partnership with SoFi Technologies, which has introduced a dollar-backed stablecoin called SoFiUSD. Under this arrangement, SoFi Bank, N.A. intends to use SoFiUSD to settle its Mastercard credit and debit card transactions. Meanwhile, SoFi’s payments infrastructure platform, Galileo Financial Technologies, will enable banks and fintech issuers on its network to opt for stablecoin settlement through Mastercard’s system. SoFiUSD is issued by a nationally chartered US bank and is reported to maintain a 1:1 cash reserve structure, positioning it closer to bank-issued digital money than to a typical crypto-native asset. Did you know? The first credit card to gain wide acceptance across multiple merchants was launched by Diners Club in 1950. Cardholders originally received paper statements and paid their bills monthly, laying the foundation for today’s global card payment networks. Understanding card settlement Mastercard’s approach makes more sense once you understand how card payments usually work. When a consumer taps or swipes their card, the following steps take place: The payment is authorized. The transaction is recorded. The merchant receives confirmation. The issuing and acquiring banks complete settlement at a later stage. This final settlement phase traditionally occurs through conventional banking channels during designated clearing windows. Mastercard’s stablecoin strategy targets this back-end settlement process specifically. It does not change how users experience or initiate payments. From the shopper’s perspective, the payment process would remain unchanged. How stablecoin settlement would work Through stablecoin settlement, Mastercard’s network would enable participating banks and issuers to meet transaction obligations using a digital dollar rather than relying solely on traditional fiat transfers. In practice, the process could unfold as follows: A customer initiates a card payment in their local currency. Mastercard determines the settlement obligations between the issuing bank and the acquiring bank. Instead of relying only on conventional banking channels, one or both parties may settle using stablecoins such as SoFiUSD. Because stablecoins operate on blockchain infrastructure, they offer the potential for 24/7 settlement independent of traditional banking hours. This method could reduce delays in cross-border payments and streamline liquidity management for financial institutions. Did you know? The term “stablecoin” became popular around 2014, but the concept of digital dollars backed by real-world assets had been explored even earlier through experimental crypto projects that attempted to maintain price stability using collateral and algorithmic mechanisms. The role of Mastercard’s multi-token network The foundation of this initiative is Mastercard’s Multi-Token Network (MTN). It is designed to support multiple forms of tokenized money, including: Stablecoins Tokenized bank deposits Representations of fiat currency Other digital assets By bridging conventional banking systems with blockchain-based tokens, Mastercard seeks to create a versatile settlement ecosystem in which regulated digital assets can operate alongside traditional financial infrastructure. The network would enable financial institutions to transfer value more efficiently while continuing to comply with established regulatory standards. Why Mastercard is entering the stablecoin space Stablecoins have become one of the fastest-growing parts of the digital asset market in recent years. They combine the price stability of fiat currency with the speed and efficiency of blockchain technology. As a result, they can support fast transfers, programmable payments and near-instant settlement across global networks. As of March 2026, the stablecoin market had reached a significant milestone, with its total valuation climbing to approximately $314 billion, according to DefiLlama data. This growth followed a breakout year in 2025, during which transaction volumes reached a record $969.9 billion in a single month. Experts now project that monthly volumes are on track to surpass the $1 trillion mark by the end of 2026. For Mastercard, incorporating stablecoins into its settlement infrastructure helps ensure the company remains central to the changing digital payments ecosystem. Rather than competing with blockchain systems, Mastercard is positioning itself as a connector between traditional finance and digital asset networks. Expanding beyond simple payments The partnership between SoFi and Mastercard also seeks to explore additional financial applications for stablecoins. Potential uses include: Cross-border remittances Business-to-business payments Treasury management tools Stablecoin-linked card programs Stablecoins could allow companies to automate complex financial workflows through programmable transactions. For example, businesses could automatically release payments when contractual conditions are met, reducing manual intervention and operational costs. Competition from Visa Mastercard is not alone among global card networks in exploring stablecoin integration. Its main competitor, Visa, has also expanded its use of digital currencies for payment settlement. Visa has tested cross-border settlement using stablecoins such as USD Coin (USDC), allowing financial institutions to pre-fund international transfers with tokenized dollars. The company has also explored enabling businesses to send payouts directly to stablecoin wallets. These efforts suggest that stablecoins are becoming a key part of the broader infrastructure competition among leading payment networks. Why regulation will be crucial Adoption of stablecoins within mainstream financial systems depends heavily on regulation. Financial institutions need clear regulatory frameworks that address key concerns, including: Reserve backing Redemption guarantees Anti-Money Laundering (AML) compliance Operational resilience Because SoFiUSD is issued by a regulated US bank, it is likely to inspire greater confidence among regulators and financial institutions than stablecoins that originate in the crypto space. Payment networks such as Mastercard are therefore prioritizing regulated stablecoins issued by licensed institutions. Did you know? Global card payment systems process tens of billions of transactions each year, with card networks handling thousands of payments per second during peak shopping periods such as Black Friday and major online retail events. Challenges to widespread adoption Despite growing interest, several challenges could limit the wider adoption of stablecoin settlement. These challenges include: Integration complexity for banks and payment processors Regulatory differences across jurisdictions Liquidity management between fiat and digital assets Interoperability between blockchains and financial networks Moreover, consumers are unlikely to notice major changes because the technology mainly affects back-end infrastructure rather than the front-end payment experience. The bigger picture for digital payments Mastercard’s stablecoin initiative is part of a broader transformation taking place in global finance. Stablecoins were initially used mainly for cryptocurrency trading. Today, they are increasingly viewed as potential tools for payments, remittances and broader financial infrastructure. If stablecoin settlement proves efficient and reliable, card networks could eventually operate within a hybrid system that combines traditional banking rails with blockchain-based digital assets. Mastercard is not looking to replace traditional payments. Rather, it is upgrading the under-the-hood infrastructure of global card networks. By integrating regulated stablecoins like SoFiUSD into its Multi-Token Network, the company is preparing its infrastructure for a more digital economy. The goal is to create a system that is faster, more flexible and available 24/7, while ensuring the average shopper notices no difference at the checkout counter. Cointelegraph maintains full editorial independence. Guides are produced without influence from advertisers, partners or commercial relationships. Content published in Guides does not constitute financial, legal or investment advice. Readers should conduct their own research and consult qualified professionals where appropriate.

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