Since September 22, 2026, the US bank SoFi has settled its entire card business through a stablecoin it issues itself, across Mastercard's global network. Nobody notices anything at the checkout, and nothing about your card in Germany changes on that day. The move matters for a different reason: for the first time, the settlement of a card programme of this size runs in production through a stablecoin issued by a licensed bank. That raises the question of when a European provider will attempt the same thing, and what would apply to you if one did.