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SoFi Technologies has made SoFiUSD disposable to its astir 15 cardinal members, becoming the archetypal U.S. nationalist slope to connection a bank-issued stablecoin straight wrong a banking application.
Key Takeaways
- SoFi Bank launched SoFiUSD connected May 27, 2026, making it the archetypal U.S. nationalist bank-issued stablecoin disposable connected a banking app.
- Nearly 15 cardinal SoFi members tin present buy, hold, and person SoFiUSD connected Ethereum and Solana, with Bullish speech entree coming soon.
- SoFi plans to adhd FDIC-insured tokenized deposits and 24/7 cross-border transfers wrong weeks, expanding stablecoin inferior crossed its afloat ecosystem.
SoFi Opens SoFiUSD to 15 Million Users, Targets Cross-Border Transfers and Bullish Listing
The San Francisco-based institution announced the motorboat connected May 27, giving members the quality to buy, sell, hold, and person SoFiUSD wrong the SoFi app. The stablecoin is issued by SoFi Bank, N.A., which is regulated by the Office of the Comptroller of the Currency (OCC).
SoFiUSD is designed to clasp a 1:1 worth against the U.S. dollar and is redeemable straight from SoFi Bank. The slope maintains liquid assets to backmost each outstanding SoFiUSD successful circulation.
“People nary longer person to take betwixt blockchain exertion and regulated banking products,” said Anthony Noto, CEO of SoFi. “With SoFiUSD, we’re giving our members a azygous spot to buy, hold, and wage with integer assets successful the aforesaid app they already usage to save, spend, borrow, and invest.”
SoFiUSD is unrecorded connected some Ethereum and Solana, 2 of the largest nationalist blockchain networks by transaction volume. SoFi said further networks volition beryllium added implicit time. Members payment from regular autarkic attestations conducted by a U.S.-licensed certified nationalist accountant. The audits are intended to supply the aforesaid level of transparency members expect from a regulated banking institution.
Full availability is expected by aboriginal June arsenic users update to the latest mentation of the SoFi app. Today’s merchandise is the archetypal signifier of a broader merchandise roadmap. Within weeks, SoFi plans to present the quality for members to person SoFiUSD into tokenized deposits, which would let them to gain involvement and entree FDIC security connected those funds.
SoFi besides plans to alteration cross-border transfers utilizing the stablecoin, allowing members to determination worth globally astir the timepiece astatine little costs than accepted ligament transportation systems.
The institution confirmed a concern with Bullish, a centralized integer plus exchange, to bring SoFiUSD to organization traders. The listing is designed to enactment unchangeable pricing and high- volume execution for nonrecreational clients.
SoFiUSD carries the ticker SOFID connected the blockchain. The token is not a deposit, not insured by the FDIC oregon SIPC, and not ineligible tender. The institution disclosed that blockchain transactions are mostly irreversible and whitethorn beryllium taxable to delays oregon imperishable loss.
SoFi operates arsenic a fiscal services ace app with 14.7 cardinal members and besides runs Galileo, a exertion level utilized by fintechs, banks, and brands crossed 133 cardinal planetary accounts.
The determination positions SoFi up of astir accepted concern (TradFi) banks successful offering regulated stablecoin entree astatine scale, astatine a infinitesimal erstwhile U.S. policymakers are actively debating national stablecoin legislation.
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