SoFi has launched its dollar-backed stablecoin, SoFiUSD, to users of its banking app, becoming the first US national bank to offer a stablecoin directly to retail customers on a public blockchain.
The company said Wednesday that nearly 15 million members will be able to buy, sell, hold and convert SoFiUSD within the SoFi app. The stablecoin is available on Ethereum (ETH) and Solana (SOL) and can be redeemed 1:1 for US dollars via SoFi Bank.
The launch marks a broader push by banks toward blockchain-based payments as lawmakers and regulators move closer to setting rules for stablecoins in the U.S. Stablecoins are digital tokens designed to maintain a fixed value, usually pegged to the dollar. Currently, the market is dominated by crypto-native issuers USDT from Tether and USDC from Circle, which are widely used in cryptocurrency trading and decentralized finance.
SoFi said it sees greater opportunities outside of the crypto markets.
“The use of stablecoins in traditional finance remains incredibly small today,” a SoFi spokesperson said. “Historically, stablecoins have been used for DeFi and cryptocurrency trading, but not for use cases like cross-border payments or B2B transactions.”
The spokesperson added that institutional regulation and oversight could become key advantages as banks enter the sector.
“SoFiUSD competes by offering what crypto-native issuers cannot: the trust, security and oversight that comes with being a nationally chartered bank,” the spokesperson said.
SoFi CEO Anthony Noto said the company wants to combine blockchain-based payments with regulated banking services within a single platform.
“People no longer have to choose between blockchain technology and regulated banking products,” Noto said in a statement in December alongside the launch of SoFiUSD.
SoFi said future updates will allow users to convert SoFiUSD into tokenized deposits that can earn interest and qualify for FDIC insurance, subject to separate account terms. The company also plans to support 24/7 cross-border transfers and launch trading access through the Bullish crypto exchange for institutional clients.
Full availability is expected in early June as members update to the latest version of the SoFi app.
