SoFi Launches SoFiUSD, First Stablecoin Issued by U.S. National Bank in Consumer Banking App
SoFi Technologies has launched SoFiUSD, a dollar-pegged stablecoin now available to nearly 15 million members directly within the SoFi banking app. This marks the first time a U.S. national bank has made a bank-issued stablecoin accessible on a consumer banking platform. The token is redeemable 1:1 for U.S. dollars, backed by liquid assets with independent attestations, and operates on Ethereum and Solana blockchains. The launch coincides with ongoing U.S. regulatory developments, including the Clarity Act for broader crypto rules and the GENIUS Act signed last year for stablecoin-specific regulation. CEO Anthony Noto emphasized that users no longer need to choose between blockchain and regulated banking. SoFi's roadmap includes converting SoFiUSD into FDIC-insurable tokenized deposits, enabling 24/7 cross-border transfers, and listing on the institutional exchange Bullish. However, SoFi cautioned that SoFiUSD itself is not FDIC-insured and carries risk of loss.
Key facts
- SoFiUSD is the first stablecoin issued by a U.S. national bank in a consumer banking app.
- Available to nearly 15 million SoFi members on Ethereum and Solana blockchains.
- Redeemable 1:1 for USD, backed by liquid assets with independent attestations.
- SoFi plans FDIC-insurable tokenized deposits, 24/7 cross-border transfers, and Bullish listing.
- SoFiUSD is not FDIC-insured and carries risk of loss like all digital assets.