SoFi Expands SoFiUSD Stablecoin to the Polygon Network

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SoFiUSD, the stablecoin issued by SoFi Bank, is now available on the Polygon Open Money Stack, according to on-chain news from Chainthink. The network upgrade enables SoFi users to buy, hold, and redeem the dollar-pegged token directly through the SoFi App—no cross-chain transfers or external wallets required. SoFiUSD is fully backed 1:1 by U.S. dollars and regulated by the OCC.

ChainThink reports that, on November 12, according to The Block, SoFi's stablecoin SoFiUSD has 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.

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