SoFi Technologies Inc. (NASDAQ: SOFI) saw its shares climb 4.7% in early trading on Tuesday, September 22, 2026, following a significant milestone in its payments infrastructure. The company, in collaboration with Mastercard Incorporated (NYSE: MA), announced that its entire card program has moved to live settlement using SoFiUSD, a stablecoin issued by SoFi Bank.
At 09:39 EDT, SoFi shares were trading at $17.765, up $0.795 from the prior close of $16.970. The stock's early session volume was notably heavy, with 19.82 million shares changing hands within the first nine minutes—approximately 31% of the total volume recorded in the previous full session. Despite the surge, the stock remains 45.7% below its 52-week high of $32.73 and 19.4% above its low of $14.88.
Blockchain Settlement Goes Live
The transition marks a shift from pilot to production for SoFiUSD settlement. The companies stated that the program is expected to process more than $25 billion in annualized volume. This is not a test; it is now the operational flow for SoFi's card transactions. However, the September 22 release did not disclose any revenue or margin contribution from this move, leaving investors to speculate on the financial impact.
SoFi's CEO, Anthony Noto, emphasized the benefits for merchants, noting that they "do not need to hold stablecoins, build new infrastructure or change how they operate." Businesses can receive funds directly into a SoFi Bank account and withdraw cash around the clock, enhancing flexibility and efficiency.
Understanding SoFiUSD
SoFiUSD is issued by SoFi Bank and is redeemable one-for-one for U.S. dollars. Its reserves are primarily composed of cash. Importantly, the token itself is not an FDIC-insured deposit, which introduces a layer of risk that investors should consider. The stablecoin's integration into the card program represents a notable adoption of blockchain technology in mainstream financial services.
Scale vs. Revenue
While the $25 billion annualized flow is impressive, analysts caution that payment volume is not equivalent to revenue. The company has not provided a take rate, merchant count, or cost-saving target for the settlement system. This lack of detail is a key question for investors as they assess the long-term profitability of the initiative.
SoFi's broader financial performance remains robust. In the second quarter of 2026, GAAP net revenue rose 43% year-over-year to $1.219 billion, driven by strong growth in Money and Credit Card spend, which reached $28 billion annualized. Interchange revenue alone grew 55% year-over-year. However, the Technology Platform segment saw a 23% decline in net revenue, highlighting some areas of concern.
Wall Street's Mixed Outlook
Analyst sentiment on SoFi is divided. Recent ratings range from a sell target of $16 (KBW) to a buy target of $25 (Scotiabank), with the consensus target at $20.34, implying about 14.5% upside from the current price. The wide range reflects uncertainty about the company's growth trajectory and the impact of new initiatives like SoFiUSD.
- William Blair: Buy, no target published (September 10)
- Loop Capital: Hold, target $22 (September 8)
- KBW: Sell, target $16 (September 3)
- Scotiabank: Buy, target $25 (September 2)
- BTIG: Hold, no target published (August 26)
- S&P Global consensus: Hold, average target $20.34
Risks and Forward-Looking Factors
Key risks include the lack of FDIC insurance on SoFiUSD, potential regulatory changes affecting digital assets, and the possibility that the $25 billion flow may not translate into meaningful incremental revenue. Investors will be closely watching SoFi's next earnings report, expected on October 27, for any disclosures on fee generation, cost savings, or expansion to external merchants.
As the market digests this news, the focus shifts to whether blockchain-based settlement can deliver tangible financial benefits. The early market reaction suggests optimism, but the absence of financial metrics leaves room for skepticism. For now, SoFi's move into live blockchain settlement marks a pioneering step in the fintech space, with implications that could extend beyond the company itself.
