SoFi Technologies has selected digital asset custodian BitGo to support the rollout of its bank-issued stablecoin, the latest sign of growing momentum around federally regulated stablecoins for payments and settlements.
Under the partnership, BitGo will provide stablecoin infrastructure services for SoFiUSD, a US dollar-pegged token issued by SoFi Bank, a nationally chartered and insured depository institution, the companies disclosed Thursday.
The arrangement will run through BitGo’s “stablecoin-as-a-service” platform, which will support the issuance of SoFiUSD and help connect the token with payment providers, market participants and cryptocurrency exchanges.
SoFi said SoFiUSD is the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain.
SoFi Technologies is a publicly traded Nasdaq-listed digital finance company that offers lending, banking and investment products to nearly 14 million members. The company entered the digital asset market in 2019 by adding cryptocurrency trading through its SoFi Invest platform and later secured a national bank charter after acquiring Golden Pacific Bancorp in 2022, establishing SoFi Bank.
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US companies race to build stablecoin infrastructure
SoFi’s push into the stablecoin market comes amid a broader shift toward regulated digital dollar infrastructure in the United States, following the passage of the GENIUS Act, which establishes a federal regulatory framework for payment stablecoins and their issuers.
Against this backdrop, financial technology companies are expanding the infrastructure needed to support stablecoin payments and settlement.
As reported by Cointelegraph, payment operations platform Modern Treasury recently launched an integrated payment service that supports stablecoin rails alongside traditional banking infrastructure. The system enables businesses to settle transactions using stablecoins in addition to conventional payment methods such as ACH transfers and wire payments.
The platform currently supports several dollar-pegged tokens, including USDC (USDC), Global Dollar (USDG) and Pax Dollar (USDP).
Separately, digital asset infrastructure company Stablecore recently joined the Jack Henry Fintech Integration Network, which connects nearly 1,700 financial institutions. The integration enables banks and credit unions on the network to offer stablecoin and tokenized-asset services through their existing banking platforms.
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