Huo Xing Finance reports, according to The Block, the stablecoin SoFiUSD issued by U.S. licensed bank SoFi has been launched on the Polygon Open Money Stack.
SoFi users can buy, sell, hold, and redeem SoFiUSD on Polygon directly through the SoFi app, without needing a separate wallet or manual cross-chain transfers. SoFiUSD is issued by SoFi Bank, a nationally chartered bank regulated by the U.S. Office of the Comptroller of the Currency (OCC), and is redeemable 1:1 for U.S. dollars.
SoFi Bank expands SoFiUSD stablecoin to the Polygon network.
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Summary
SoFi Bank has launched SoFiUSD on the Polygon Open Money Stack, a major network upgrade in the crypto space. The stablecoin, issued by an OCC-regulated bank, is now available for purchase, holding, and redemption through the SoFi App. Users can access on-chain SoFiUSD updates and transact directly on Polygon without cross-chain steps. The token remains fully backed 1:1 by U.S. dollars.
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