What Financial Sphere Will SoFiUSD Build? (Part 2) — The Only Place Connecting Banks and Public Blockchains

[Series Theme]
The Future Landscape of Stablecoins — Which Currencies Will Dominate Which Financial Spheres?

*This is a continuation from the following.
Part 1: How Many Stablecoins Will Survive? — Why It Won't Be a Winner-Takes-All Market
Part 2: Why Is Stripe Creating a New Dollar? — The Future of Financial Infrastructure Envisioned by the Collison Brothers
Part 3: Why Does Stripe Want PayPal? — The True Objective Behind the $53 Billion Acquisition Proposal
Part 4: Where Will USDT, USDC, and Community-Type Stablecoins Survive?
Part 5: What Financial Sphere Will SoFiUSD Build? (Part 1) — The Future Where Bank Deposits and Stablecoins Merge

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In the previous installment, we looked at how SoFiUSD is attempting to become a currency that connects bank deposits with public blockchains, supporting the financial life of an individual user.

In this final installment, we will broaden our perspective to consider the financial sphere SoFiUSD is attempting to build through corporate finance and its partnerships with Galileo and Mastercard.

<It Doesn't End with Personal Finance>
The second financial sphere for SoFiUSD is corporate finance.

In April 2026, SoFi announced "Big Business Banking", which handles fiat currency and crypto assets on a single regulated banking platform. Initial participating companies include many firms that support the crypto asset market and payment infrastructure.

For companies, the appeal of stablecoins lies in the improvement of cash management capabilities. If payments become instantaneous, companies can reduce tied-up capital waiting for deposits or settlements, allowing them to utilize funds more efficiently. This is also the world that companies like Stripe and Bridge are aiming for.

However, what companies need is not just payments. They require a financial foundation that supports everything from cash management to operations and lending in an integrated manner. This is where the strength of SoFi as a bank comes into play.

Companies hold corporate deposits and send them on-chain as SoFiUSD only when necessary. Once payments are completed, the funds return to the bank, connecting to the next financial services such as operations or lending.

Through this, SoFiUSD becomes not just an inter-company payment currency, but a digital payment rail for banks that connects corporate deposits, corporate lending, cash management, and international remittances.

<Galileo Opens Up External Financial Spheres>
The third financial sphere for SoFiUSD consists of financial institutions, fintech companies, and brands that use Galileo and Technisys.

If SoFi's financial services division is the front end that delivers products to its own members, Galileo and Technisys are the technical foundations that support the financial services of other companies from the back end. Galileo, which plays a central role in this, was providing services to approximately 135 million accounts worldwide as of the second quarter of 2026.

If fintech companies and financial institutions that use Galileo incorporate SoFiUSD into their payments and remittances, it will also spread to the users behind them.

In cases where client companies want to issue their own branded stablecoins, a white-label deployment using SoFi's regulatory, reserve, and operational infrastructure is also being envisioned.

Here, SoFiUSD's strategy becomes two-tiered.
・First tier: Incorporating SoFiUSD into its own financial sphere, such as for members and corporations
・Second tier: Expanding into external financial spheres through Galileo and Technisys

Even if a financial institution issues its own branded stablecoin, if the issuance and redemption infrastructure of Galileo, Technisys, or even SoFi Bank is used behind the scenes, SoFi can capture a portion of that financial sphere.

The way to win in competition is not just to popularize your own currency. If you can provide the infrastructure that supports the issuance, settlement, and management of even competing currencies, that is also a victory.

This cannot be understood by looking only at the outstanding balance of SoFiUSD. What SoFi is aiming for is not just the success of a single currency called SoFiUSD, but making the connection point between banks and blockchains a business in itself.

<Connecting to Existing Payment Networks with Mastercard>
For SoFiUSD to become widespread, it must connect to existing card payments, bank transfers, and corporate accounting.

In that sense, what is important is the collaboration with Mastercard.

SoFi and Mastercard have announced a vision to make SoFiUSD a payment option within Mastercard's global payment network. The plan is to enable not only SoFi's own card transactions but also card issuers and banks using Galileo to choose SoFiUSD for payments.

Furthermore, they state that they will support SoFiUSD on Mastercard's Multi-Token Network (MTN: a digital asset network for banks and companies to safely exchange fiat currency, stablecoins, tokenized deposits, etc.) and explore the interoperability of fiat currency, stablecoins, and tokenized deposits.

Here, bank deposits and public blockchains are connected via a card network.

Consumers use their cards at stores, merchants receive payment just as they always have, and SoFiUSD is used for the settlement. Neither consumers nor merchants need to be aware of the name SoFiUSD; it supports 24/7 payments behind the scenes.

As I wrote in Part 2, the true adoption of stablecoins will occur in a world where they are standard-equipped in financial services and users utilize them without being aware of their existence. The collaboration with Mastercard shows the potential for SoFiUSD to advance to that stage.

<Not confined inside a bank>
Major banks are also developing digital money using blockchain.

A representative example is J.P. Morgan's Kinexys. Major banks have a massive corporate customer base, payment volume, and regulatory compliance capabilities. They are far stronger than SoFi in fund transfers for institutional investors and large corporations. On the other hand, it will not expand to people or companies without bank relationships, or to wallets on public blockchains.

SoFiUSD moves on public blockchains. Users can send it from the SoFi app to external compatible wallets, and in June 2026, it was also listed on the institutional investor exchange Bullish. While holding the credit of a bank, it is not confined inside the bank.

This is where the uniqueness of SoFiUSD lies.

The moment it enters a public blockchain, bank oversight does not extend to every transaction. Transactions between external wallets carry risks different from bank deposits, such as loss of private keys, misdirected transfers, fraudulent use, smart contract issues, and blockchain outages.

That is why it is difficult.

You cannot obtain the freedom of a public blockchain while maintaining the safety of a bank. Even so, you can strictly manage the entrance and exit of the bank, and use the interoperability of the public blockchain on the outside.

SoFiUSD's challenge lies in the fact that it is trying to make both of these things work.

<Future stablecoin landscape>
The following is a summary of which currency will be difficult to replace in which location.

・USDT: Crypto asset market, dollar liquidity outside the US, emerging countries
・USDC: Common payment asset, multi-chain, institutional finance, on-chain finance
・Open USD: Corporate payments centered on Stripe, merchants, international commerce
・USDG: Participating companies' exchanges, wallets, payment and financial service networks
・SoFiUSD: Connection between deposits, loans, investments, cards, corporate finance, and public blockchains
・Others: Specific companies, specific regions, specific currencies, specific uses

What SoFiUSD is trying to grasp is the place that goes back and forth between the inside and outside of a bank.

SoFi, which provides financial services to both individuals and corporations, opens its self-issued stablecoin to public blockchains and further delivers it to external financial institutions through Galileo, Big Business Banking, etc. If it can secure this domain, SoFiUSD can create its own financial sphere.

It does not necessarily have to compete with USDT for liquidity. It does not need to expand to more blockchains than USDC. It does not need to gather more merchants than Open USD or USDG. It just needs to play a role that is difficult for other currencies to replace in the places where it is strongest.

What SoFiUSD is aiming for is the place where bank credit and public blockchain freedom intersect.

Holding a banking license, managing deposits, loans, and individual and corporate clients, providing financial technology to external parties, and opening its own currency to public blockchains. At this moment, there is no company other than SoFi that can combine all of these into one.

In the future landscape of stablecoins, what SoFiUSD is aiming to grasp is the very boundary line that has separated banks from blockchains.

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