SoFi Bank and Mastercard have announced SoFiUSD settlement is live for the bank’s debit and credit card program, moving their March plan into production.

The rollout puts a token-based settlement route behind familiar card payments and, according to SoFi, gives participating merchants a way to receive dollars in a bank account without holding the token. SoFi expects more than $25 billion in annualized card-program volume after migration; it has not disclosed how much has actually settled in SoFiUSD.

The migration remains underway. Cardholders can keep using existing cards, while SoFi describes a bank-account cash route for merchants and separate redemption rules for token holders. Those groups encounter different parts of the arrangement,…