SoFi (SOFI) has launched a US dollar stablecoin, SoFiUSD, in a bid to bring faster and cheaper money movement to banks, fintechs and enterprise platforms.
The coin is issued by SoFi Bank, a nationally chartered and FDIC-insured institution, making it the first US national bank to offer open access to its stablecoin infrastructure.
Last month, JPMorgan launched its depository token, JPM Coin, on Base.
SoFiUSD will be available for internal use for now, with a broader rollout to SoFi members expected in the coming months.
Unlike stablecoins issued by crypto-native companies, SoFiUSD is fully backed 1:1 by cash held at the Federal Reserve, meaning users can redeem it immediately without facing credit or liquidity risks. The currency is active on a public blockchain, allowing for 24/7 movement of funds at low-cost, near-instantaneous speeds.
The infrastructure also opens the door for SoFi partners, including banks, card networks or software companies, to issue their own white-label stablecoins or connect SoFiUSD to their existing payment flows. This service is based on SoFi’s banking license and reserve model, which the company says gives it an advantage over less regulated stablecoin issuers.
“We’re taking the infrastructure we’ve built over the last decade and applying it to real-world challenges in financial services,” SoFi CEO Anthony Noto said in a statement. “Today, businesses struggle with slow settlements, fragmented suppliers, and unverified booking models. SoFi is helping to address these gaps.”
