SoFi has disclosed that its stablecoin, SoFiUSD, is now available to all app users. The product is pegged to the U.S. dollar, allowing users to buy, sell, and convert between the stablecoin and USD directly within the app. This marks SoFi’s first time offering its previously business-to-business stablecoin service directly to retail customers.
Use directly in the app
SoFi launched SoFiUSD late last year, but initially made it available primarily to business partners such as card networks and retailers. With this new opening, regular users can now hold, pay with, and manage digital assets within the same app, without needing to switch to a separate crypto platform.
The company says the product focuses on bringing faster fund transfer capabilities into the regulated banking system. SoFi currently holds a U.S. national bank charter and emphasizes its compliance, oversight, and consumer protection capabilities.
New features will be integrated over the coming weeks.
SoFi stated that over the coming weeks, users will be able to convert SoFiUSD into interest-bearing tokenized deposits. In addition to the stablecoin itself, the platform is also preparing to further enhance connectivity between on-chain financial products and bank deposits.
The company also plans to soon launch a blockchain-based 24/7 international remittance service and integrate SoFiUSD with its centralized exchange partners. If these features are implemented, SoFiUSD’s use cases will expand from exchange to transfers, payments, and trading liquidity.
The stock price rose after the announcement.
Driven by the news, SoFi's stock rose as much as 3.5% in early trading on Wednesday. This move comes as the company's shares have been under pressure; according to the original text, SoFi's stock has declined approximately 39% year-to-date, following earnings results that fell below market expectations.
This launch of a stablecoin to consumers is seen as SoFi’s new initiative in its digital finance business. Compared to traditional loans and banking services, the combination of stablecoins, tokenized deposits, and on-chain cross-border payments may create new use cases for users.
- SoFiUSD is pegged to the US dollar.
- Expanded from enterprise users to all app users.
- Interest-bearing tokenized deposits and 24/7 cross-border remittances will be supported in the future.
Additional information: The original text also states that SoFi CEO Anthony Noto said the company aims to integrate savings, spending, borrowing, investing, and digital asset functionalities into a single app.