What to know:
- SoFi has launched SoFiUSD, a dollar-backed stablecoin on Ethereum and Solana, becoming the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain.
- Nearly 15 million SoFi members can now buy, sell, hold and convert SoFiUSD in the app, with each token redeemable 1:1 for U.S. dollars through SoFi Bank.
- SoFi says it aims to use SoFiUSD for traditional finance use cases like cross-border payments and B2B transactions, and plans future features including interest-earning tokenized deposits, FDIC-insured accounts and 24/7 cross-border transfers.
SoFi now lets users of its banking app buy and sell SoFiUSD, a new stablecoin backed by the U.S. dollar. This makes SoFi the first national bank in the U.S. to offer a stablecoin directly to everyday customers using a public blockchain.
SoFi announced Wednesday that almost 15 million of its users can now buy, sell, and store SoFiUSD, a new digital currency, directly within the SoFi app. This stablecoin, which operates on both the Ethereum and Solana blockchains, can be exchanged for U.S. dollars at a one-to-one value through SoFi Bank.
This launch is part of a growing trend of banks exploring payments using blockchain technology, especially as U.S. lawmakers and regulators begin to create rules for stablecoins. Stablecoins are digital currencies designed to hold a steady value, typically linked to the U.S. dollar. Currently, the stablecoin market is largely controlled by companies like Tether (USDT) and Circle (USDC), which are popular for cryptocurrency trading and decentralized financial systems.
SoFi said it sees the larger opportunity outside crypto markets.
From my perspective, stablecoins haven’t really broken into mainstream finance yet. Right now, they’re primarily used within the crypto world – things like decentralized finance and trading crypto assets. We’re not seeing much adoption for more traditional applications like sending money across borders or for business-to-business payments, although that’s where I believe the real potential lies.
The spokesperson also mentioned that clear rules and strong monitoring could help banks succeed in this new area.
SoFiUSD stands out because it provides the trust, security, and regulatory oversight that only a nationally chartered bank can offer, something crypto-focused companies typically can’t match, according to a spokesperson.
SoFi CEO Anthony Noto stated the company aims to integrate blockchain payments with traditional, regulated banking all within one platform.
As a researcher following the fintech space, I was interested to see SoFi launch SoFiUSD in December. According to their announcement, the goal is to bridge the gap between the innovative world of blockchain and the established security of traditional banking – meaning people shouldn’t have to pick one over the other anymore.
SoFi announced that upcoming features will let users turn their SoFiUSD balances into tokenized deposits, which could earn interest and be eligible for FDIC insurance, depending on specific account details. They also plan to offer around-the-clock international money transfers and provide institutional clients with access to cryptocurrency trading through the Bullish exchange.
Full availability is expected by early June as members update the latest version of the SoFi app.
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2026-05-27 14:11