SoFi has expanded SoFiUSD, the first stablecoin issued by a U.S. national bank, to Polygon's Open Money Stack, adding another major blockchain to its existing support on Ethereum and Solana. Polygon Labs announced Thursday that SoFiUSD is now live on the payments layer, which bundles fiat on- and off-ramps, embedded wallets and cross-chain settlement into a single integration.
Through the integration, SoFi's more than 17 million members can buy, sell, hold and convert SoFiUSD directly in the SoFi app on Polygon without opening a separate crypto wallet or manually bridging assets between chains. The stablecoin is issued by SoFi Bank, N.A., regulated by the Office of the Comptroller of the Currency, and is redeemable one-to-one for U.S. dollars.
“SoFi is well positioned to bring stablecoins into mainstream finance because it combines the regulatory foundation of a national bank with the reach of a major consumer and enterprise technology platform,” said Marc Boiron, CEO of Polygon Labs.
On Polygon Open Money Stack, SoFiUSD joins Circle's USDC, Tether's USDT and PayPal's PYUSD, and can connect to wallets, banking rails and local currencies used for payouts, settlement and cross-border transfers. Polygon says it has processed more than $3 trillion in lifetime stablecoin transfer volume, and the stack is used by Visa and Mastercard for stablecoin settlement, while Stripe uses it to route USDC payments for merchants in more than 150 countries.
The move extends SoFi's digital-money push. The company launched SoFiUSD late last year as the first stablecoin from a U.S. national bank and already settles its entire card program over Mastercard's network. It recently introduced SoFi Earn, a tokenized deposit paying 4.40% yield that converts one-to-one into SoFiUSD. Last month, SoFi reported 503,000 crypto products at the end of the third quarter, with gross crypto transaction revenue of $161.6 million, up 20% from the prior quarter.
SoFiUSD is a payment stablecoin, not a bank deposit, and is not FDIC- or SIPC-insured, bank-guaranteed or legal tender.
