SoFi Unveils SoFiUSD Stablecoin on Ethereum and Solana

SoFi Introduces SoFiUSD Stablecoin

SoFi Technologies has made a landmark move by launching SoFiUSD, the first stablecoin issued by a U.S. national bank, within its consumer banking app, which serves nearly 15 million users. This development marks a significant step in merging traditional finance with cryptocurrency.

The newly introduced stablecoin is pegged to the U.S. dollar at a 1:1 ratio and is secured by liquid assets. Users can manage SoFiUSD—buying, selling, holding, and converting it—directly within the SoFi app. This initiative represents the first time a federally chartered bank has integrated a stablecoin into a banking platform.

SoFi CEO Anthony Noto emphasized that this innovation allows users to seamlessly blend blockchain technology with regulated banking products. He stated, "People no longer have to choose between blockchain technology and regulated banking products. With SoFiUSD, we're giving our members a single place to buy, hold, and pay with digital assets within the same app they already use to save, spend, borrow, and invest."

The launch aligns with legislative efforts in the U.S. to establish a regulatory framework for cryptocurrencies, notably through the Clarity Act and the GENIUS Act, which focus on stablecoin regulations. SoFi has committed to maintaining liquid assets equivalent to all outstanding tokens, with regular audits by independent firms to ensure compliance.

In addition to its current offerings, SoFi plans to introduce features that will allow users to convert SoFiUSD into FDIC-insurable tokenized deposits, facilitate low-cost international transfers, and list the stablecoin on the institutional exchange Bullish. However, while SoFiUSD is backed by bank-grade assets, it is important to note that the stablecoin itself is not FDIC-insured and carries risks associated with digital assets.