Anthony Noto is using SoFi’s own debit and credit cards as a live test for a new payments business.
SoFi Bank is migrating its full card program to settlement using SoFiUSD, with more than $25 billion in annualized volume expected to move through the system.
The stablecoin settlement program went live across SoFi Bank’s debit and credit cards in September through its partnership with Mastercard.
That experiment now sits inside a company having one of its strongest quarters yet.
SoFi reported $1.385 billion in GAAP net revenue for the third quarter, up 44 percent from a year earlier. Adjusted net revenue was $1.371 billion. Adjusted EBITDA rose 70 percent to $469.8 million, while net income reached $241 million and diluted earnings came in at 18 cents per share.
The company added a record 1.2 million members during the quarter, bringing its total to 17.1 million. Products reached 26.7 million.
SoFi also raised its full-year outlook to $5.04 billion in adjusted net revenue and $1.66 billion in adjusted EBITDA. Its preliminary 2027 outlook calls for about $6.4 billion in adjusted net revenue and $2.24 billion in adjusted EBITDA.
Noto is using some of that momentum to move further into the machinery behind financial transactions.
SoFi becomes its own first customer
SoFi and Mastercard announced their expanded stablecoin partnership in March. By Sept. 22, settlement using SoFiUSD was live across SoFi Bank’s card program.
SoFiUSD is a payment stablecoin issued by SoFi Bank, N.A., a nationally chartered bank regulated by the Office of the Comptroller of the Currency.
It should not be confused with an insured bank deposit. SoFiUSD is not FDIC- or SIPC-insured, is not bank-guaranteed and may lose value, according to SoFi’s disclosures.
For merchants, the pitch is less about owning crypto than changing how settlement happens behind the scenes.
A business does not need to hold SoFiUSD or build its own blockchain infrastructure to participate. SoFi says merchants can receive settlement funds through a SoFi Bank account while the stablecoin does the moving underneath.
“In six months, SoFi and Mastercard took stablecoin settlement from an idea to a live product that materially improves how money moves for businesses,” Noto said when the system launched.
Galileo, SoFi’s technology platform, is also expected to give payment-card clients and their issuing banks an option to settle transactions using SoFiUSD.
That is where the project gets more interesting for Noto. SoFi can test the infrastructure on billions of dollars of its own card volume before trying to sell the same capability to outside financial institutions.
A startup business inside a record quarter
SoFi now has eight businesses generating more than $100 million each in annualized revenue. Noto calls them the company’s “Great Eight.”
SoFiUSD is not one of them.
On the Oct. 27 earnings call, Noto grouped it with newer businesses including Big Business Banking, small- and medium-sized business lending, SoFi Plus and crypto. He described them as earlier-stage operations that have not yet joined the company’s eight scale businesses.
SoFi’s Financial Services segment, by contrast, generated $525.1 million in third-quarter revenue, up 25 percent from a year earlier. Companywide fee-based revenue reached $570.6 million, or 42 percent of total revenue.
The Technology Platform segment remains more complicated. Revenue fell 24 percent from a year earlier to $87.4 million, reflecting the effect of a large client that had fully transitioned off the platform by the end of 2025. Excluding that client, SoFi said the segment grew 18 percent.
SoFiUSD gives Noto another way to expand fee and technology revenue without leaning entirely on lending.
What it does not have yet is proof that outside banks and merchants will turn the stablecoin infrastructure into meaningful revenue.
Noto has the scale to test it internally first.
If the $25 billion migration works, the next sale is the important one.