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. According to The Block, the stablecoin is now available to 14.7 million members who can buy, sell, hold and convert SoFiUSD within the SoFi app. The stablecoin is redeemable 1:1 for U.S. dollars through SoFi Bank, marking a significant expansion of blockchain-based financial services to mainstream users. As reported by GNcrypto, SoFi Bank on May 27 launched SoFiUSD, a stablecoin issued by SoFi Bank, N.A., making the token available inside the SoFi mobile app to about 14.7 million members. The bank is regulated by the Office of the Comptroller of the Currency.
SoFi is positioning SoFiUSD as part of a broader effort to integrate blockchain-based settlement tools into its banking stack, spanning consumer payments, custody, and potential enterprise integrations. As reported by The Block, members can now access the stablecoin within the same app used for savings, spending, borrowing, and investing. SoFi CEO Anthony Noto emphasized that the company believes it can combine the speed and versatility of the blockchain with the trust of a bank to improve how money moves around the world, allowing users "no longer have to choose between blockchain technology and regulated banking products." According to GNcrypto, SoFi CEO Anthony Noto described the product: "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 in the same app they already use to save, spend, borrow, and invest."
SoFi has implemented comprehensive reserve backing and transparency measures for SoFiUSD. The company holds liquid assets to back all outstanding SoFiUSD and will publish regular independent attestations by a U.S.-licensed certified public accountant to document reserve backing. However, SoFi has issued important disclaimers regarding the product's limitations. As reported by GNcrypto, SoFi warned that SoFiUSD is not a bank deposit, is not insured by the FDIC or SIPC, and is not legal tender. The company also noted that blockchain transactions are generally irreversible and may be subject to delays or permanent loss. SoFiUSD carries the blockchain ticker SOFID and is live on the Ethereum and Solana blockchains, with the company planning to add other networks over time.
SoFi has outlined ambitious plans for future features that could significantly expand the utility of SoFiUSD. According to company statements, within weeks the company plans to enable tokenized deposits that would allow members to convert SoFiUSD into interest-bearing, FDIC-insured token accounts, 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.
In March, SoFi extended its partnership with Mastercard to enable SoFiUSD as a settlement currency across Mastercard's global payments network. Under that agreement, SoFi Bank plans to settle its own credit and debit transactions powered by the Mastercard network in SoFiUSD, with Galileo, SoFi's technology platform, expected to offer issuing banks the option to settle card transactions using the stablecoin. SoFi first introduced its stablecoin initiative in December, describing SoFiUSD as a fully reserved digital dollar issued by its nationally chartered bank and designed for 24/7 settlement. The launch comes as U.S. lawmakers and regulators continue to consider federal stablecoin rules.
