What's Going On With SoFi Stock Wednesday? - SoFi Technologies (NASDAQ:SOFI)

SoFi Technologies (NASDAQ:SOFI) traded flat Wednesday afternoon as investors weighed insider selling against a major digital-asset milestone. The company said that on Sept. 22 it became the first OCC-regulated national bank to go live with stablecoin settlement across Mastercard’s global payments network. The update shifts an annualized $25 billion card program onto stablecoin rails using SoFiUSD, a token issued by SoFi Bank and backed one-to-one by cash reserves. SoFi framed the change as moving settlement “beneath the swipe,” meaning merchants and consumers wouldn’t need to hold digital assets. The firms plan more SoFiUSD applications across Mastercard, including cross-border payments and remittances, and SoFi said it intends to offer the capability to external financial companies via its Galileo platform. Earlier in September, SoFi partnered with Payward (parent of Kraken), and Kraken Prime was set as the institutional trade execution engine. Shares were down 0.57% to $15.82 at publication.