FinanceShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailSoFi Launches Bank-Issued Stablecoin for 15 Million Users
The fintech platform has introduced its dollar-backed stablecoin, enabling members to trade, transfer, and potentially earn interest through its banking app.
By Helene Braun|Edited by Stephen Alpher May 27, 2026, 11:00 a.m. 2 min readMake preferred on
Key Points:
- SoFi has unveiled SoFiUSD, a dollar-backed stablecoin operating on Ethereum and Solana, marking it as the first U.S. national bank to provide a stablecoin to retail customers on a public blockchain.
- Approximately 15 million SoFi members can now engage with SoFiUSD through the app, where each token can be redeemed at a 1:1 ratio for U.S. dollars via SoFi Bank.
- SoFi intends to utilize SoFiUSD for traditional financial applications such as cross-border payments and B2B transactions, with plans for future features like interest-earning tokenized deposits, FDIC-insured accounts, and round-the-clock cross-border transfers.
SoFi has launched its dollar-backed stablecoin, named SoFiUSD, to users of its banking application, becoming the first national bank in the U.S. to directly offer a stablecoin to retail customers on a public blockchain.
On Wednesday, the company announced that nearly 15 million members would have the ability to buy, sell, hold, and convert SoFiUSD in the SoFi app. The stablecoin is available on both Ethereum (ETH) and Solana (SOL) and is redeemable at a 1:1 ratio for U.S. dollars through SoFi Bank.
This launch is part of a broader trend among banks to explore blockchain-based payment systems as lawmakers and regulators move toward establishing guidelines for stablecoins in the United States. Stablecoins are digital tokens meant to maintain a stable value, typically pegged to the dollar. The current market is largely controlled by crypto-native issuers like Tether’s USDT and Circle’s USDC, which are commonly used in crypto trading and decentralized finance.
SoFi believes that the greater potential lies beyond the crypto markets.
“The use of stablecoins in traditional finance is still incredibly small today,” stated a SoFi representative. “Historically, stablecoins have been utilized for DeFi and crypto trading, but not for applications like cross-border payments or B2B transactions.”
The representative further noted that regulatory frameworks and institutional oversight could provide significant advantages as banks enter this space.
“SoFiUSD competes by offering what crypto-native issuers cannot: the trust, security, and oversight that come with being a nationally chartered bank,” the spokesperson remarked.
SoFi's CEO, Anthony Noto, emphasized the company's vision to merge blockchain-based payments with regulated banking services within a single platform.
“People no longer have to choose between blockchain technology and regulated banking products,” Noto mentioned in a statement released in December during the launch of SoFiUSD.
SoFi's future updates are set to enable users to convert SoFiUSD into tokenized deposits that may generate interest and be eligible for FDIC insurance, subject to specific account conditions. The firm also plans to facilitate 24/7 cross-border transfers and provide trading access through the crypto exchange Bullish for institutional clients.
Full functionality is anticipated to be available by early June as members are prompted to update to the latest version of the SoFi app.
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