Simply put
- SoFi launched SoFiUSD, the first stablecoin issued by a U.S. national bank available directly within consumer banking apps, with access to approximately 15 million members.
- The token is backed by liquid assets, redeemable 1:1 with USD, and runs on the Ethereum and Solana blockchains.
- SoFi plans to expand its services with FDIC-insured tokenized deposits, 24/7 cross-border remittances, and listing on institutional crypto exchange Bullish.
SoFi Technologies has become the first U.S. national bank to make bank-issued stablecoins available directly within consumer banking apps. said on wednesdayThis is a move that highlights how quickly the boundaries between traditional finance and the crypto world are dissolving.
The San Francisco-based fintech company announced that its dollar-pegged digital token, SoFiUSD, can now be bought, sold, held, and converted by members within the SoFi app. This is the first time that a stablecoin issued by a federally chartered bank is offered directly on a banking platform.
The launch comes as Congress moves toward establishing a formal regulatory framework for cryptocurrencies in the United States with the Clarity Act, which for the first time establishes federal rules governing the broader crypto market. Last summer, President Donald Trump Signed the GENIUS Act It has established and enacted rules specifically focused on the issuance and trading of stablecoins.
“People no longer have to choose between blockchain technology and regulated banking products,” SoFi CEO Anthony Noto said in a statement. “With SoFiUSD, we give our members a single place to buy, hold, and pay for digital assets within the same apps they already use to save, spend, borrow, and invest.”
SoFiUSD can be redeemed 1:1 for USD from SoFi Bank, and the company maintains liquid assets backing all outstanding tokens. Independent auditors perform periodic certifications of these reserves. coins run on both Ethereum and Solana blockchain.
The company also outlined its near-term roadmap, including allowing members to convert SoFiUSD into FDIC-insured tokenized deposits, enabling low-cost cross-border remittances 24 hours a day, and allowing tokens to be listed on institutional crypto exchange Blish.
Despite the bank-grade backing, SoFi warned that SoFiUSD itself is not FDIC-insured and carries the same risk of loss as any other digital asset.
