TLDR
- SoFi has launched its dollar-backed stablecoin SoFiUSD to nearly 15 million app users.
- The bank allows users to buy, sell, hold, and convert SoFiUSD within its mobile platform.
- SoFiUSD operates on Ethereum and Solana and remains redeemable at a fixed one-to-one dollar value.
- The company aims to expand stablecoin use beyond crypto trading into payments and business transactions.
- SoFi said regulation and bank oversight give SoFiUSD an advantage over crypto native stablecoins.
SoFi has launched its dollar-backed stablecoin, SoFiUSD, to nearly 15 million app users. The rollout makes it the first U.S. national bank to offer a stablecoin on a public blockchain. Users can now access SoFiUSD for buying, selling, and transferring within the platform.
The stablecoin is available on the Ethereum and Solana networks. It remains redeemable at a 1:1 ratio for U.S. dollars through SoFi Bank.
SoFiUSD Rollout Expands Crypto Access within Banking App
SoFi confirmed that members can buy, hold, and convert SoFiUSD directly inside its mobile application. The feature is rolling out gradually as users update the latest app version.
The company said the stablecoin integrates blockchain payments with regulated banking services. This structure allows customers to manage digital assets without leaving the SoFi ecosystem.
SoFiUSD operates on public blockchains while maintaining dollar backing through bank reserves. The firm said redemption occurs at a fixed $1 value per token.
A spokesperson stated that stablecoin adoption remains limited in traditional finance today. They noted that usage has largely focused on crypto trading and decentralized finance.
The company aims to expand beyond these use cases into payments and business transactions. It highlighted cross-border transfers and B2B settlements as key opportunities.
Banks Target Regulated Stablecoin Growth and Payments
SoFi said regulation and institutional oversight could offer advantages over crypto-native issuers. The spokesperson added that a national bank structure provides trust and security.
The stablecoin market remains led by Tether’s USDT and Circle’s USDC. These tokens dominate trading and liquidity across major crypto platforms.
CEO Anthony Noto said the company plans to combine blockchain payments with regulated banking products. He noted that users no longer need to choose between the two systems.
SoFi also plans to introduce tokenized deposits linked to SoFiUSD balances. These deposits may offer interest and could qualify for FDIC insurance under separate terms.
The firm outlined plans for 24/7 cross-border transfers using its stablecoin infrastructure. It also intends to provide institutional trading access through the Bullish exchange.
SoFi said the broader rollout will continue as more users update the app. Full availability is expected by early June across its member base.
