Key Highlights
- SoFi Technologies launched SoFiUSD, a U.S. dollar stablecoin issued by a national bank.
- The company said SoFiUSD is the first bank-issued stablecoin available directly inside a U.S. banking app.
- SoFiUSD is redeemable 1:1 for U.S. dollars and operates on Ethereum and Solana.
U.S.-based fintech firm SoFi Technologies, which offers banking, lending, investing, and crypto trading services, has launched SoFiUSD, a U.S. dollar-backed stablecoin now available directly through the SoFi app.
The move places the company among a small group of regulated financial institutions integrating stablecoin services into retail banking platforms as competition grows around blockchain-based payments and digital asset infrastructure.
According to the announcement, SoFiUSD can be bought, sold, held, and converted within the SoFi platform and is redeemable 1:1 for U.S. dollars through SoFi Bank. The stablecoin is backed by liquid reserve assets held by the institution.
SoFi expands stablecoin infrastructure
The company stated that SoFiUSD is initially launching on both the Ethereum and Solana blockchains, with plans to expand support to additional networks over time.
“SoFiUSD is helping bridge the gap between blockchain technology and regulated banking infrastructure,” the company said in its announcement.
Anthony Noto, CEO of SoFi, said the launch is designed to combine “the speed and versatility of blockchain with the trust of a bank.”
“People no longer have to choose between blockchain technology and regulated banking products,” Noto said.
SoFi also stated that independent Certified Public Accountant (CPA) attestations will be conducted to verify reserves supporting the stablecoin supply.
Tokenised deposits and cross-border payments planned
The company outlined several upcoming expansion plans tied to SoFiUSD and its broader blockchain strategy.
According to SoFi, future updates may include tokenized deposit products linked to interest-bearing accounts, 24/7 cross-border payment transfers, stablecoin-powered remittance infrastructure, and institutional trading access through crypto exchange partnerships.
SoFi said it plans to list SoFiUSD through its first centralized exchange partner, Bullish, as part of efforts to expand institutional trading access and liquidity for the stablecoin.
Traditional finance continues expanding into crypto
The rollout reflects the growing trend of traditional financial institutions integrating stablecoins and blockchain infrastructure into mainstream banking services.
In 2025, SoFi expanded into digital assets after becoming one of the first U.S. banks to offer crypto trading services following evolving U.S. regulatory developments around crypto banking access.
The latest launch also arrives as competition intensifies among fintech firms, crypto exchanges, and banks seeking to build regulated stablecoin ecosystems tied to payments, remittances, and tokenized financial products.
Industry observers increasingly view stablecoins as a key bridge between traditional financial systems and blockchain-based settlement networks, particularly for faster cross-border transfers and digital payment infrastructure.
Also read: Tether-Georgia Launch GEL₮ Stablecoin to Power National Payments
