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SoFi Launches First Bank-Issued Corporate Payment Stablecoin

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SoFi has launched SoFiUSD, a dollar-pegged stablecoin for corporate payments. The stablecoin, issued by FDIC-insured SoFi Bank, is backed 1:1 by cash reserves at the Federal Reserve. It operates on a public blockchain and supports instant redemptions. SoFiUSD is currently available internally, with a wider release planned. Partners can issue their own stablecoins or use SoFiUSD on existing systems. What is SoFiUSD? It’s a blockchain-based solution for faster, lower-cost transfers.
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