SoFi, a fintech platform, has launched its dollar-backed stablecoin SoFiUSD to users of its banking app, making it the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain. Nearly 15 million members can buy, sell, hold, and convert SoFiUSD within the SoFi app. The stablecoin is available on Ethereum and Solana, redeemable 1:1 for USD through SoFi Bank. This move reflects a broader push into blockchain-based payments by banks as U.S. regulators move closer to establishing stablecoin rules. SoFi sees the larger opportunity outside crypto markets, aiming to use stablecoins for cross-border payments and B2B transactions. The company emphasizes the trust and regulatory oversight of being a nationally chartered bank as a competitive edge over crypto-native issuers like Tether and Circle. Future updates may include tokenized deposits with interest and FDIC insurance, 24/7 cross-border transfers, and institutional trading through Bullish. Full availability is expected by early June.

Key facts

• SoFi launches SoFiUSD stablecoin on Ethereum and Solana for retail banking users.
• First U.S. national bank to offer stablecoin directly to retail customers.
• Nearly 15 million members can buy, sell, hold, and convert SoFiUSD in the app.
• SoFi highlights regulatory oversight as advantage over crypto-native stablecoins.
• Future features include interest-bearing tokenized deposits and cross-border transfers.

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