SoFi shares trade lower after Mastercard stablecoin rollout

SoFi Technologies shares fell 1.57% to $16.89 on Wednesday. Shares rallied Tuesday after SoFi rolled out stablecoin settlement with SoFiUSD across Mastercard's global payments network. SoFi Bank is moving its $25 billion annualized card program to blockchain-based settlement. The arrangement makes SoFi the first nationally chartered bank to execute live stablecoin clearing on Mastercard's global infrastructure. Anthony Noto said the companies moved stablecoin settlement from an idea to a live product in six months. Noto said businesses can receive settlement funds instantly in a SoFi Bank account. Businesses can convert those funds to cash around the clock at zero cost. Merchants do not need to hold stablecoins or change their existing payment hardware. SoFi plans to offer the settlement architecture to third-party institutions through its Galileo technology division. The company is engaging major U.S. retailers through that division.