SoFiUSD Becomes the First Stablecoin Issued by a US National Bank to Launch on a Banking Platform

SoFi Technologies (NASDAQ: SOFI) has introduced SoFiUSD, a U.S. dollar stablecoin issued by SoFi Bank, N.A. and regulated by the Office of the Comptroller of the Currency. The stablecoin is now available for purchase, sale, and holding directly within the SoFi app, marking the first time a U.S. national bank-issued stablecoin has been launched on a banking platform.

SoFiUSD is redeemable 1:1 for U.S. dollars from SoFi Bank, which maintains liquid assets to back all outstanding tokens. The stablecoin undergoes regular attestations by an independent CPA licensed in the United States. It is currently available on Ethereum and Solana, with additional blockchain networks expected to be added.

“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.”

Broader Stablecoin Roadmap

SoFi has outlined plans to expand SoFiUSD functionality in the coming weeks. The company intends to enable members to convert SoFiUSD into tokenized deposits, which would allow them to earn interest and access FDIC insurance (subject to separate deposit account terms). Other planned features include cross-border payments on the blockchain operating 24/7/365, and listing SoFiUSD on centralized exchange Bullish to provide institutional clients with seamless trading and stable pricing.

The launch is the first phase of integrating stablecoin utility across SoFi’s entire ecosystem. Members can access SoFiUSD starting today, with full availability expected by early June after updating to the latest version of the app.

SoFi, which reports 14.7 million members, positions itself as an “everything app” for digital financial services, offering banking, lending, investing, and crypto products. The move aims to bridge traditional banking with digital assets by bringing a regulated stablecoin directly into a mainstream banking application.