SoFi Technologies announced the launch of SoFiUSD, a fully reserved U.S. dollar stablecoin issued by its national bank, SoFi Bank. The company claims this marks the first time a national bank has issued a stablecoin on a public, permissionless blockchain. The product is designed to position SoFi as a stablecoin infrastructure provider for banks, fintechs, and enterprise platforms seeking faster, more efficient money movement.
Initially deployed on the Ethereum network, with plans to extend support to other blockchains over time, SoFiUSD is fully backed 1:1 by cash reserves held for immediate redemption. As an OCC-regulated, FDIC-insured depository institution, SoFi Bank can hold these reserves in cash at its Federal Reserve account, which the firm says eliminates liquidity and credit risk while generating yield that can be shared with partners and stablecoin holders.
SoFi CEO Anthony Noto stated the launch applies the firm's regulatory and operational framework to address industry pain points like slow settlement and opaque reserve models. "Blockchain is a technology super cycle that will fundamentally change finance, not just in payments, but across every area of money," Noto said, adding that SoFiUSD combines a national bank charter with transparent onchain technology.
The stablecoin will be integrated into SoFi's existing crypto trading business and offered for settlement by card networks, retailers, and other businesses. It is also expected to be used within SoFi Pay for international remittances and point-of-sale purchases. Furthermore, SoFi's infrastructure will allow partner banks and fintechs to issue their own white-label stablecoins or use SoFiUSD directly.
This move follows SoFi's recent re-entry into direct crypto services for consumers in November, allowing members to trade nearly 30 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). The launch reflects a broader trend of traditional finance firms, such as Klarna, Western Union, and Stripe, pushing into blockchain-based settlement infrastructure.
