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SoFi Migrates $25 Billion Card Program to SoFiUSD Stablecoin Settlement on Mastercard Network
SoFi Technologies and Mastercard said stablecoin settlement is now live across SoFi Bank's debit and credit card program, with SoFi migrating its entire $25 billion card program to settlement in SoFiUSD. SoFi calls SoFiUSD the first stablecoin issued by a nationally chartered bank, and transactions are running on the blockchain as of today. Through its Big Business Banking platform, SoFi says a merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock at no cost, without holding stablecoins or building new infrastructure. SoFiUSD is issued by SoFi Bank, an OCC-regulated national bank, and is redeemable one-to-one for dollars against reserves held primarily in cash, though it is not FDIC-insured and can lose value. SoFi said it is in active talks with large US merchants, from multinational retailers to technology platforms, about stablecoin settlement, and that it and Mastercard will explore further uses on the network including cross-border payments and remittances.
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X Expands Cashtag Trading Links With Coinbase, Gemini, Kraken, Interactive Brokers and Moomoo
Elon Musk's X widened its U.S. Cashtag system on Sept. 22, connecting stock, ETF and cryptocurrency pages to five outside trading platforms through a new U.S. Cashtag Partner Program with Coinbase, Gemini, Kraken, Interactive Brokers and Moomoo. Users can now tap "Trade" after opening a supported ticker such as $BTC or $TSLA, with X displaying a live price chart and related posts before showing available trading partners. The actual transaction takes place on the chosen partner's app or website, not on X itself, and execution, eligibility and account terms all sit with the partner exchange or brokerage. Kraken said its Cashtag integration covers nearly 2,500 assets across its centralized and decentralized offerings, while Interactive Brokers said new eligible U.S. clients can get a $100 promotional credit by opening and funding an account through the Cashtag flow. The rollout builds on an earlier X feature called Smart Cashtags and stays separate from X Money, the platform's payments product, which currently offers no direct link for funding trades.
Bank of America Backs Tighter Guardrails for AI Shopping Agents
Bank of America has joined other major banks in pushing for tighter safeguards around AI shopping agents as autonomous commerce moves closer to mainstream payments. The banks want autonomous transactions to clearly disclose when an AI agent is involved, explain important purchasing decisions and protect customer information while keeping platforms interoperable. The bigger concern is what happens when a bot gets a transaction wrong, since automated purchasing could expose card credentials, steer consumers toward options with weaker protections and make responsibility for fraud harder to untangle. The stakes are large at Bank of America's scale: the company processed roughly $1.2 trillion in payments during the second quarter, while credit- and debit-card spending totaled about $266 billion. The bank's shares traded at $57.435 on Tuesday, and the stock sits 6.94% above its $53.71 GF Value.