SoFi brings bank-issued stablecoin to 15 million users in crypto push

The fintech platform says its dollar-backed stablecoin will let members trade, transfer and eventually earn yield through its banking app.

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 has rolled out its dollar-backed stablecoin, SoFiUSD, to users of its banking app, becoming the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain.

The company said Wednesday that nearly 15 million members will be able to buy, sell, hold and convert SoFiUSD within the SoFi app. The stablecoin is available on Ethereum (ETH) and Solana (SOL) and is redeemable 1:1 for U.S. dollars through SoFi Bank.

The launch marks a broader push by banks into blockchain-based payments as lawmakers and regulators move closer to establishing rules for stablecoins in the U.S. Stablecoins are digital tokens designed to maintain a fixed value, usually pegged to the dollar. The market is currently dominated by crypto-native issuers Tether’s USDT and Circle’s USDC, which are widely used in crypto trading and decentralized finance.

SoFi said it sees the larger opportunity outside crypto markets.

“The use of stablecoins in traditional finance is still incredibly small today,” a SoFi spokesperson said. “Historically, stablecoins have been used for DeFi and crypto trading, but not for use cases like cross-border payments or B2B transactions.”

The spokesperson added that regulation and institutional oversight could become key advantages as banks enter the sector.

“SoFiUSD competes by offering what crypto-native issuers cannot: the trust, security and oversight that comes with being a nationally chartered bank,” the spokesperson said.

SoFi CEO Anthony Noto said the company wants to combine blockchain-based payments with regulated banking services inside a single platform.

“People no longer have to choose between blockchain technology and regulated banking products,” Noto said in a statement in December alongside the launch of SoFiUSD.

SoFi said future updates will allow users to convert SoFiUSD into tokenized deposits that may earn interest and qualify for FDIC insurance, subject to separate account terms. The company also plans to support 24/7 cross-border transfers and launch trading access through crypto exchange Bullish for institutional clients.

Full availability is expected by early June as members update the latest version of the SoFi app.

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