Key points
- SoFi has expanded SoFiUSD—the first stable coin issued by a U.S. national bank—to the Polygon Open Money Stack, adding Polygon support alongside Ethereum and Solana.
- This move integrates SoFiUSD more deeply into payment infrastructure, joining USDC, USDT, and PYUSD in the technology stack already used by Visa, Mastercard, and Stripe.
- This is also a continuation of SoFi’s cryptocurrency strategy, encompassing the launch of SoFiUSD, its tokenized deposit product SoFi Earn, and Polygon’s stablecoin payment business exceeding $3 trillion.
SoFi is expanding the reach of its digital dollar by integrating SoFiUSD—the first stable coin issued by a national U.S. bank—into Polygon’s payment infrastructure. At this time, banks and fintech companies are driving stablecoins deeper into everyday financial transactions.
Polygon Labs announced on Thursday that SoFiUSD is now live on the Polygon Open Money Stack. This payment layer integrates fiat on- and off-ramps, embedded wallets, and cross-chain settlement into a single integration.
This move makes Polygon the third network, after Ethereum and Solana, to be supported by SoFiUSD, enabling SoFi’s more than 17 million members to buy, sell, hold, and convert the token directly within the SoFi app—without needing a separate crypto wallet or manually bridging assets across chains.
Marc Boiron, CEO of Polygon Labs, said: “SoFi is well-positioned to bring stablecoins into mainstream finance because it has both the regulatory foundation of a national bank and the reach of a large consumer and enterprise technology platform.”
This expansion comes as the use of stablecoins extends beyond cryptocurrency trading into the underlying infrastructure for debit and credit card payments, corporate payments, and cross-border remittances.
On the Polygon Open Money Stack, SoFiUSD is listed alongside USDC, USDT, and PayPal’s PYUSD, enabling businesses to connect wallets, banking channels, and local currencies needed for payments, settlements, and cross-border transfers—unlocking use cases far beyond consumer transactions.
This token can be redeemed 1:1 for U.S. dollars and is issued by SoFi Bank; SoFi Bank is regulated by the Office of the Comptroller of the Currency.
SoFi launched SoFiUSD on Ethereum and Solana at the end of last year, calling it the first stablecoin issued by a U.S. national bank. The stablecoin is already being used to settle all of the company’s card programs via the Mastercard network. The company has also been expanding its broader digital asset product suite, recently launching SoFi Earn—a tokenized deposit product offering a 4.40% yield and convertible 1:1 into SoFiUSD.
For Polygon, the addition of SoFiUSD further strengthens its payment services, which have become a hallmark of the network.
According to Polygon, Polygon has recently extended the Open Money Stack to Solana. The total volume of stablecoin transactions processed on this chain has exceeded $3 trillion. Visa and Mastercard support stablecoin settlements on Polygon, while Stripe uses the network to route USDC payments for merchants in over 150 countries.
SoFiUSD is a payment stablecoin, not a bank deposit; it is not insured by the FDIC or SIPC, nor is it bank-guaranteed or legal tender.