SoFi Integrates SoFiUSD with the Polygon Open Money Stack

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SoFi has expanded SoFiUSD support to the Polygon Open Money Stack, according to Odaily. The stablecoin, issued by a U.S.-chartered bank, is now live on Ethereum, Solana, and Polygon. Over 17 million SoFi users can transact with SoFiUSD via the app, as it is pegged 1:1 to the U.S. dollar. Open interest in stablecoins has increased as the Fear & Greed Index indicates growing crypto participation. SoFiUSD can be used for Mastercard payments but is not FDIC-insured or a bank deposit.

Odaily Planet Daily reports that fintech company SoFi has integrated its stablecoin, SoFiUSD, into the Polygon Open Money Stack. SoFiUSD is the first stablecoin issued by a U.S. national bank and was previously available on Ethereum and Solana; over 17 million SoFi users can now buy, sell, hold, and redeem SoFiUSD directly through the SoFi app without needing a separate crypto wallet or manual cross-chain transfers.

SoFiUSD is pegged 1:1 to the U.S. dollar, issued by SoFi Bank, which is regulated by the U.S. Office of the Comptroller of the Currency, and has been used to settle all SoFi Mastercard transactions. This stablecoin is not a bank deposit, nor is it insured by the FDIC or SIPC, and it is not guaranteed by the bank or considered legal tender. (Decrypt)

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