SAN FRANCISCO — SoFi Technologies said it has begun rolling out its new stablecoin, SoFiUSD, directly through its banking app, marking a deeper move by the company into blockchain-based financial services.
In a statement, SoFi said the dollar-backed stablecoin is now available for members to buy, sell, hold and convert within the SoFi app, with full availability expected by early June as customers update to the latest version of the platform.
The company said SoFiUSD is the first stablecoin issued by a U.S. national bank to become available directly through a banking platform.
According to SoFi, the token is issued by SoFi Bank, which is regulated by the Office of the Comptroller of the Currency. The company said the stablecoin is redeemable on a 1:1 basis for U.S. dollars and backed by liquid assets, with regular attestations conducted by an independent U.S.-licensed certified public accountant.
Operates on Two Networks
SoFi said the token currently operates on the Ethereum and Solana blockchain networks, with additional blockchain integrations planned.
The launch comes as banks, fintech companies and payment firms increasingly explore stablecoins and blockchain infrastructure as tools for payment settlement and digital asset management rather than standalone cryptocurrency products.
Anthony Noto said the company aims to combine blockchain technology with regulated banking services.
“We want to combine the speed of blockchain with the trust of a bank,” Noto said in the statement, adding that consumers should not have to choose between blockchain-based tools and traditional banking products.
Additional Features
SoFi said additional features tied to SoFiUSD are planned, including the ability for members to convert stablecoin balances into tokenized deposits that could offer interest and Federal Deposit Insurance Corp. coverage under separate deposit account terms.
The company also said it plans to introduce cross-border value transfer capabilities and launch an initial centralized exchange on Bullish for institutional trading activity.
