SoFi Technologies (NASDAQ: SOFI) is accelerating its transformation from digital lender to full-scale financial infrastructure provider, with its stablecoin strategy now moving into live commercial use.
The September launch of SoFiUSD settlement across Mastercard’s (NYSE: MA) network marks a significant step, shifting the company from blockchain experimentation to a live card program expected to handle more than $25 billion in annualized volume.
Despite this operational momentum, SOFI shares have fallen 36.7% year to date as of September 25, 2026, a sharp contrast to Block’s (NYSE: XYZ) 17.4% gain and PayPal’s (NASDAQ: PYPL) comparatively modest 5.7% decline over the same period.
The underperformance signals that investors remain skeptical about whether SoFi’s rapid business expansion can translate into sustainable and predictable long-term earnings growth.
SoFi Bank has begun migrating its full debit and credit card program to stablecoin settlement using SoFiUSD, with transactions already running live on blockchain rails in a clear sign of commercial implementation.
Merchants participating in the program do not need to hold stablecoins or build new infrastructure, lowering the barrier to adoption and broadening SoFi’s potential reach across the payments ecosystem.
On the institutional side, Payward will join the SoFi Exchange Network, list SoFiUSD on Kraken and utilize SoFi’s Big Business Banking capabilities, while SoFi will use Kraken Prime for digital-asset liquidity.
Management reported that roughly $300 million of SoFiUSD was in circulation during the second quarter, with the first commercial clients already moving money in real time through the network.
The core financial results demonstrate that SoFi does not depend on stablecoin revenues to sustain near-term momentum, with second-quarter adjusted net revenues rising 40% year over year to $1.2 billion.
Adjusted EBITDA reached $358 million at a 30% margin, while fee-based revenues hit $472 million, representing 39% of adjusted net revenues for the quarter.
Members climbed to 15.8 million and total products reached 24.4 million, with cross-buy improving to 51%, reflecting deepening engagement across the platform.
Management raised 2026 adjusted net revenue guidance to a range of $4.75 billion to $4.85 billion while maintaining approximately $1.6 billion of adjusted EBITDA, reinforcing confidence in the full-year outlook.
Over the past 60 days, estimates for SOFI’s 2026 and 2027 earnings per share have been revised marginally upward, with consensus pointing to year-over-year EPS growth of 53.85% in 2026 and 35.91% in 2027.
On a forward 12-month price-to-sales basis, SOFI trades at 3.83x, a sizable premium compared with 1.32x for PayPal and 1.63x for Block, reflecting the market’s expectation of significantly faster revenue growth.
Estimates suggest SoFi’s 2026 revenues will increase approximately 35.52%, followed by another 20.16% rise in 2027, a growth profile that stands well above PayPal’s considerably slower trajectory.
The diversification embedded in SoFi’s model, spanning private-market funds from CAZ Investments and AngelList, SoFi Plus, lending, investing tools and enterprise banking, gives it more monetization levers than either PYPL or XYZ.
Even after its steep share-price decline, SOFI still commands a meaningful valuation premium over both peers, which keeps the stock from appearing outright cheap at current levels.
For existing investors, maintaining current exposure while monitoring SoFiUSD adoption rates, fee-based revenue growth and earnings delivery appears to be a measured and reasonable approach.
A more compelling case for adding exposure would require clearer evidence that stablecoin initiatives and newer platform businesses can make a material and quantifiable contribution to profits.
Zacks Investment Research currently assigns SOFI a Zacks Rank of 3, equivalent to a Hold rating, reflecting a balanced outlook between the company’s strong growth trajectory and its still-elevated valuation premium.
