SoFi Unveils Ethereum Stablecoin for Trading and Payments
SoFi Technologies will soon launch its own stablecoin, SoFiUSD, issued by SoFi Bank. The stablecoin is designed for use by banks and fintech companies as an infrastructure solution and will debut on the Ethereum blockchain before expanding to other networks. SoFi claims it is among the first national banks to issue a stablecoin on a public, permissionless blockchain. SoFiUSD will be fully backed by cash held at the Federal Reserve, enabling immediate redemption and providing holders with an attractive yield. The stablecoin is central to SoFi’s crypto trading business, supporting both remittances and payments, and will also allow other firms to issue white-labeled stablecoins via SoFi’s infrastructure. Last month, SoFi resumed enabling crypto purchases from checking and savings accounts and now supports trading in 30 cryptocurrencies. SoFi’s stock has risen 75% in six months, reflecting increased activity in crypto and digital assets as regulatory frameworks evolve.
