SoFi Bank, N.A., has launched SoFiUSD, a U.S. dollar-pegged stablecoin, in a landmark partnership with BitGo Bank & Trust, N.A. The collaboration utilizes BitGo's Stablecoin-as-a-Service platform to provide the core infrastructure for issuance, custody, and connectivity. Notably, SoFiUSD is positioned as the first stablecoin issued by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain.
The stablecoin is designed to be fully reserved 1:1 with cash, supported by third-party attestations, and built with a regulatory-first approach. This structure aims to address common concerns around reserve opacity and redemption delays associated with non-bank stablecoins. In a significant development for adoption, Mastercard has agreed to support SoFiUSD as a settlement option across its network. This integration could enable faster, 24/7 settlement windows compared to traditional batch-based systems like ACH and wires.
The launch occurs within a broader context of regulatory momentum, following the passage of the GENIUS Act, which establishes a federal framework for payment stablecoins. This environment is prompting fintechs and banks to expand digital dollar infrastructure. Companies like Modern Treasury and Stablecore are similarly integrating stablecoin rails into traditional financial systems. SoFi's infrastructure also allows other banks and fintechs to white-label interoperable stablecoins that connect with SoFiUSD.
Mike Belshe, CEO and co-founder of BitGo, emphasized the institutional focus, stating, "Our Stablecoin-as-a-Service offering was designed for forward-thinking institutions that require cutting-edge technology paired with BitGo’s longstanding foundation of trust." Initial distribution of SoFiUSD is targeted at enterprise and financial-institution connectivity rather than retail speculation.
