SoFi launches bank-issued stablecoin for nearly 15M app users

SoFi Technologies has made SoFiUSD available inside the SoFi app, giving members the ability to buy, sell, hold, and convert the U.S. dollar-pegged stablecoin. 

The company said the launch marks the first time a stablecoin issued by a U.S. national bank is available directly through a banking app.

The rollout opens SoFiUSD to the company’s 14.7 million members. SoFi said the token is redeemable 1:1 for U.S. dollars from SoFi Bank and is supported by liquid assets for all outstanding tokens.

Ethereum and Solana support the rollout

SoFiUSD is available on Ethereum and Solana at launch. SoFi said the two networks were chosen to support digital asset transactions, with more networks planned later.

CEO Anthony Noto said, “People no longer have to choose between blockchain technology and regulated banking products.” He said SoFiUSD gives members one place to buy, hold, and pay with digital assets in the same app they use for saving, spending, borrowing, and investing.

Additionally, SoFi said the launch is the first phase of a wider roadmap. In the coming weeks, the company plans to add tokenized deposits, which could let members convert SoFiUSD into deposit accounts that may earn interest and access FDIC insurance under separate terms.

The company also plans to add 24/7 cross-border transfers and launch SoFiUSD on Bullish for institutional clients. SoFi said the Bullish integration is aimed at stronger pricing and trade execution for high-volume users.

Mastercard and enterprise strategy add context

The consumer launch follows SoFi’s March partnership with Mastercard. Mastercard said the companies would explore SoFiUSD settlement across its global payments network, including use by SoFi Bank and Galileo payment clients.

As reported by crypto.news, SoFi also launched Big Business Banking in April to let institutions manage fiat, SoFiUSD, and crypto under one regulated platform. Early partners included Cumberland, Bullish, BitGo, B2C2, Fireblocks, Wintermute, Galaxy, and Jupiter.

SoFi’s crypto push has also reached its earnings. As previously reported, the company generated $121.6 million in Q1 crypto transaction revenue after relaunching crypto trading, though costs left only $852,000 in net crypto income from that unit.

SoFi also warns that SoFiUSD, also called SOFID, is not a deposit, is not FDIC or SIPC insured, is not legal tender, and may lose value. The company says blockchain transactions are generally final and may face delays, disruptions, or permanent loss.