TLDR
- SoFiUSD is available on Ethereum and Solana.
- SoFi members can buy, sell, hold, and convert SoFiUSD in the app.
- Each SoFiUSD token is redeemable 1:1 for U.S. dollars through SoFi Bank.
- Nearly 15 million SoFi members are eligible to access SoFiUSD.
- SoFi plans tokenized deposits, cross-border transfers, and Bullish integration
SoFi Technologies has launched SoFiUSD, a U.S. dollar-backed stablecoin available directly through the SoFi app, giving retail banking customers access to a bank-issued digital dollar on public blockchains. The company said the token is available on Ethereum and Solana and can be bought, sold, held, and converted inside the same app used for banking, borrowing, investing, and spending.
The rollout makes SoFi the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain, according to the company. Nearly 15 million SoFi members are eligible to access the product as app availability expands. Each SoFiUSD token is redeemable 1:1 for U.S. dollars through SoFi Bank.
SoFiUSD Is Now Live in the SoFi App for 14.7 Million Members
SoFi Technologies said its U.S. dollar-pegged stablecoin SoFiUSD is now available in the SoFi app to its 14.7 million members, allowing users to buy, sell, hold and convert the token.
SoFi said this marks the first… pic.twitter.com/bwB117GDUG
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Stablecoins are digital tokens designed to maintain a fixed value, usually tied to fiat currency such as the U.S. dollar. The sector is currently led by crypto-native issuers including Tether and Circle, whose USDT and USDC tokens are widely used in crypto trading and decentralized finance. SoFi is positioning SoFiUSD as a bank-issued stablecoin for both consumer and traditional finance use cases.
SoFiUSD Enters Retail Banking App
SoFi said members can manage SoFiUSD within its existing mobile app without using a separate crypto wallet or external trading platform. The company described the launch as part of a wider effort to connect blockchain settlement tools with regulated banking services.
SoFi CEO Anthony Noto said the company wants to combine blockchain-based payments with bank products in one platform. He said customers should not have to choose between blockchain technology and regulated financial services. The company said SoFiUSD is designed to support faster movement of money while remaining connected to SoFi Bank’s national charter.
The stablecoin will begin on Ethereum and Solana, two public blockchains widely used for digital asset transfers. Ethereum remains one of the largest networks for stablecoin activity, while Solana is known for low-cost and high-speed transactions. SoFi has not stated whether SoFiUSD will expand to other blockchains.
Full access is expected by early June as members update to the latest version of the SoFi app. The company said the initial product allows users to buy, sell, hold, and convert the token, with more payment and account features planned.
Bank-Issued Stablecoin Targets Payments
SoFi said the long-term use case for SoFiUSD extends beyond crypto trading. A company spokesperson said stablecoin use in traditional finance remains small compared with its role in decentralized finance and trading markets. The spokesperson pointed to cross-border payments and business-to-business transactions as areas where SoFi sees future demand.
The company said regulation and banking oversight may help differentiate SoFiUSD from tokens issued by crypto-native firms. The stablecoin is issued through SoFi Bank, a nationally chartered bank, and is backed by U.S. dollars. SoFi said the structure is intended to give users a digital dollar connected to a regulated banking provider.
The launch also follows SoFi’s earlier announcement of its stablecoin plans in December. At that time, the company described SoFiUSD as a fully reserved digital dollar built for 24/7 settlement. SoFi also said the infrastructure could eventually support banks, fintech companies, and enterprise partners seeking stablecoin or payment settlement tools.
Tokenized Deposits and Mastercard Settlement Plans
SoFi said future updates will include tokenized deposits that may earn interest and qualify for FDIC insurance, depending on separate account terms. The company also plans to support 24/7 cross-border transfers and institutional trading access through crypto exchange Bullish.
In March, SoFi extended its partnership with Mastercard to allow SoFiUSD to be used as a settlement currency across Mastercard’s global payments network. Under that arrangement, SoFi Bank plans to settle its own credit and debit card transactions powered by Mastercard using SoFiUSD.
Galileo, SoFi’s financial technology platform, is also expected to give issuing banks the option to settle card transactions with the stablecoin. That plan would place SoFiUSD within payment processing infrastructure used by banks and fintech firms.
The SoFiUSD launch comes as U.S. lawmakers and regulators continue work on stablecoin rules. The product places a national bank-issued stablecoin inside a consumer banking app and expands SoFi’s role in digital asset services.
