SoFi rolls out SoFiUSD on Ethereum.
Mastercard granted a BitLicense.
Cash App enables USDC transfers.
Aztec Labs acquires Obsidion.
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SoFi Technologies rolled out SoFiUSD, its native U.S. dollar stablecoin, to SoFi members. The stablecoin already has over $100 million in market cap on Ethereum mainnet and is backed 1:1 to U.S. dollars. SoFi Bank, N.A. becomes the first nationally chartered retail bank to issue a stablecoin on Ethereum, with tokenized deposit functionality also in development.
Mastercard Transaction Services was granted a BitLicense by the New York State Department of Financial Services, allowing it to engage with stablecoins and tokenized deposits in the state of New York. The license supports Mastercard's broader strategy to bridge payment and settlement infrastructure for digital assets while maintaining its existing compliance.
Cash App launched support for stablecoins, allowing its nearly 60 million users to send and receive USDC directly from their existing balance with no wallet setup required. The feature is live on Ethereum, Polygon, and Arbitrum, with auto-conversion to USD at a 1:1 ratio with no fees. The feature is unavailable to New York residents.
Aztec Labs announced its acquisition of Obsidion, the team behind ZKPassport, a ZK-powered private identity verification platform. ZKPassport allows users to prove age and nationality from over 130 supported government IDs without revealing their full personal data. ZKPassport will remain open source under Aztec Labs, with co-founders Michael Elliot and Theo Madzou staying on to expand the protocol into new consumer products.
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