SoFi Technologies has officially expanded its stablecoin, SoFiUSD, to the Solana blockchain. The move was confirmed by Ben Reynolds, SoFi’s head of big business banking, who stated, “We think it is the right chain to use for payments, partially because of the cost, partially because of the settlement speed and ultimately the throughput.”
SoFiUSD was initially deployed on Ethereum in December 2025, a fully reserved U.S. dollar token issued by SoFi Bank, a nationally chartered institution. The bank entered the stablecoin market to position itself as an infrastructure provider for banks, fintechs, and enterprise platforms. The expansion to Solana aligns with a broader industry trend, as Western Union also launched its stablecoin on Solana this week, and PayPal already has its own USD-pegged token.
SoFi’s stablecoin push is part of its deepening crypto strategy. Last month, the company extended its partnership with Mastercard to use SoFiUSD as a settlement currency across the global payments network. In November 2025, SoFi began offering crypto trading services. The stablecoin market, now around $300 billion, is expected to grow into trillions within the decade following U.S. stablecoin legislation passed last year, prompting interest from major Wall Street firms.
