SoFi Selects BitGo to Power Bank-Issued Stablecoin

TLDR

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SoFi has selected BitGo to provide infrastructure for its bank-issued stablecoin SoFiUSD.
BitGo will support the issuance and connectivity of SoFiUSD through its stablecoin-as-a-service platform.
SoFiUSD will operate on a public permissionless blockchain.
SoFi said SoFiUSD is the first stablecoin issued by a nationally chartered and insured US deposit bank on a public blockchain.
SoFi Bank operates under a national charter and federal insurance framework.

SoFi Technologies has partnered with BitGo to support the launch of its bank-issued stablecoin, SoFiUSD. The companies disclosed the agreement on Thursday and outlined infrastructure plans. The partnership advances SoFi’s entry into federally regulated stablecoin payments and settlements.

SoFi and BitGo Partner to Launch SoFiUSD

SoFi selected BitGo to power the issuance and infrastructure of SoFiUSD through its stablecoin-as-a-service platform. BitGo will manage token issuance and connect SoFiUSD with payment providers and cryptocurrency exchanges. The companies said the arrangement supports transactions on a public, permissionless blockchain.

SoFi stated that SoFiUSD represents the first stablecoin issued by a nationally chartered and insured US deposit bank on such a blockchain. The company operates SoFi Bank under a national charter and federal insurance framework. BitGo will also support connectivity with market participants through its existing digital asset infrastructure.

The companies confirmed that BitGo’s platform will provide backend services for minting and redeeming the token. They also said the system will support compliance and operational controls required for regulated issuance. SoFi and BitGo did not disclose a launch date.

SoFi described the partnership as part of its broader digital asset strategy. The company entered crypto markets in 2019 through its SoFi Invest platform. It later acquired Golden Pacific Bancorp in 2022 and secured a national bank charter.

SoFi Bank now operates as a nationally chartered and insured depository institution. The company offers lending, banking, and investment products to nearly 14 million members. It trades publicly on Nasdaq under the ticker SOFI.

Stablecoin Infrastructure Expands Across Payment Networks

The rollout follows the passage of the GENIUS Act, which establishes a federal framework for payment stablecoins. The law sets requirements for issuers and defines regulatory oversight. Financial firms have since expanded infrastructure to support regulated digital dollar tokens.

Modern Treasury recently launched an integrated payment service that supports stablecoin rails alongside traditional banking systems. The platform enables businesses to settle transactions using stablecoins, ACH transfers, and wire payments. It supports several dollar-pegged tokens, including USDC, USDG, and USDP.

USDC maintains a one-dollar peg and operates across multiple public blockchains. USDG also tracks the US dollar and supports institutional payment flows. USDP, issued by Paxos, remains fully backed by dollar reserves.

Stablecore also joined the Jack Henry Fintech Integration Network to expand stablecoin services. The network connects nearly 1,700 financial institutions across the United States. The integration enables banks and credit unions to access stablecoin and tokenized asset services through existing systems.

SoFi confirmed that SoFiUSD will integrate with payment providers and digital asset venues. BitGo will facilitate those connections through its infrastructure platform. The companies disclosed these details in their joint announcement on Thursday.

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