SoFi launches first US national bank-issued stablecoin on banking platform

SoFi Technologies Inc. (NASDAQ: SOFI) announced that its stablecoin SoFiUSD is now available for the company's nearly 15 million members to buy, sell, and hold directly within the SoFi app.

The company states this marks the first time a U.S. national bank-issued stablecoin is available directly on a banking app. SoFiUSD is redeemable 1:1 for U.S. dollars from SoFi Bank, with the bank maintaining liquid assets to support all outstanding SoFiUSD.

"At SoFi, we believe we can combine the speed and versatility of the blockchain with the trust of a bank to improve how money moves around the world," said Anthony Noto, CEO of SoFi. "People no longer have to choose between blockchain technology and regulated banking products."

The stablecoin operates on Ethereum and Solana networks, with additional networks planned. SoFi Bank provides regular attestations performed by an independent Certified Public Accountant licensed in the United States.

SoFi plans to expand the product offering in coming weeks by building functionality for members to convert SoFiUSD into tokenized deposits and offering global transaction capabilities. The company also announced plans to launch SoFiUSD on centralized exchange partner Bullish for institutional clients.

Members can access SoFiUSD starting immediately, with full availability expected by early June as users update to the latest version of the SoFi app. The company noted that SoFiUSD is not FDIC insured, not bank guaranteed, and may lose value.

SoFi Technologies operates as a digital financial services platform serving 14.7 million members for banking, investing, and cryptocurrency services.

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