SoFi Launches Bank-Issued Stablecoin for 15 Million Users

SoFi Technologies has launched SoFiUSD, becoming the first U.S. national bank to offer its own stablecoin directly inside a banking app. 

The stablecoin allows SoFi’s nearly 15 million users to buy, sell, hold, and convert the token within the SoFi app.

The company said SoFiUSD is issued by SoFi Bank, N.A. It will remain equal in value to the U.S. dollar at a 1:1 ratio. Every token is backed by liquid assets, and users can redeem it directly through SoFi Bank.

CEO Anthony Noto said the goal is to combine the speed of blockchain technology with the trust and regulation of traditional banking. Users can now manage crypto alongside savings, loans, spending, and investments in one app.

Key Points

• SoFi launched SoFiUSD, the first bank-issued stablecoin available directly inside a U.S. banking app.
• SoFiUSD runs on Ethereum and Solana, with more blockchain network support planned later.
• Users can buy, sell, hold, and convert SoFiUSD alongside savings and investments in the app.
• SoFi plans to expand SoFiUSD into tokenized deposits and cheaper cross-border payments.

SoFiUSD Runs on Ethereum and Solana

Notably, SoFiUSD is currently available on Ethereum and Solana, two major blockchain networks. However, the company said it will add support for more blockchains later.

The token uses the ticker SOFID on-chain and will receive regular audits from an independent U.S.-licensed CPA firm. SoFi said these attestations are to provide transparency for users.

The rollout starts immediately, with full access by early June after users update the SoFi app.

SoFi Plans More Stablecoin Features

The launch is the first step in SoFi’s larger stablecoin strategy. The company plans to introduce tokenized deposits linked to SoFiUSD, allowing users to earn interest while keeping eligible FDIC insurance protections.

SoFi also wants to use the stablecoin for cross-border payments, helping users send money globally at lower costs and with faster settlement than traditional bank wires.

The company also announced a partnership with Bullish to list SoFiUSD for institutional trading. SoFi said this should improve liquidity and pricing for large trades.

SoFi Expands Ahead of Traditional Banks

The launch makes SoFi one of the first major U.S. financial institutions to integrate a regulated stablecoin directly into consumer banking services.

The move comes as U.S. lawmakers continue discussing stablecoin regulations and broader crypto laws.

SoFi currently serves around 14.7 million users and also owns Galileo Financial Technologies, which provides fintech infrastructure for more than 133 million accounts worldwide.

The company noted that while SoFiUSD can be redeemed for U.S. dollars, the token itself is not a bank deposit, is not legal tender, and is not insured by the FDIC or SIPC. Blockchain transactions may also face delays or irreversible losses depending on network conditions.