SoFi Launches SoFiUSD Stablecoin Across Ethereum and Solana
SoFi Technologies has launched SoFiUSD, making it the first U.S. national bank to offer a bank-issued stablecoin directly within its consumer banking app. SoFiUSD is a dollar-pegged digital token that users can buy, sell, hold, and convert inside the SoFi app. Each token is redeemable 1:1 for U.S. dollars from SoFi Bank, with liquid reserves fully backing outstanding tokens and independent auditors providing regular attestations. The stablecoin operates on the Ethereum and Solana blockchains. Planned features include conversion of SoFiUSD into tokenized deposits eligible for FDIC insurance, 24/7 low-cost cross-border transfers, and listing on the Bullish institutional exchange. SoFiUSD itself is not FDIC-insured and carries risks typical of digital assets. This move comes as U.S. lawmakers introduce new laws to regulate cryptocurrencies and stablecoins, further integrating traditional banking and blockchain technology.
