LexRegPulse Daily - Sep 23, 2026
Alex here. This is LexRegPulse Daily for Wednesday, September 23, 2026.
SoFi Bank went live yesterday settling its card program in its own stablecoin across Mastercard's network — the first national bank to move card settlement onto a token it issues. Expected volume: more than $25 billion a year. Cardholder money stays exactly where it was — insured deposits. What moved is the leg between issuer and network, where SoFi now takes on the operational risk of settling in its own liability.
Here's the choice underneath that decision. A tokenized deposit is still a deposit under the GENIUS Act —…
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