SoFi has launched SoFiUSD, a dollar-backed stablecoin on Ethereum and Solana, becoming the first U.S. national bank to offer stablecoins directly to retail customers on a public blockchain. Approximately 15 million SoFi members can buy, sell, hold, and redeem SoFiUSD within the app, with each token redeemable 1:1 for U.S. dollars through SoFi Bank. SoFi plans to use SoFiUSD for cross-border payments and B2B transactions, and intends to introduce interest-bearing tokenized deposits, FDIC-insured accounts, and 24/7 cross-border transfers. (CoinDesk)
SoFi Launches SoFiUSD Stablecoin on Ethereum and Solana
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Summary
SoFi has launched SoFiUSD, a dollar-backed stablecoin on Ethereum and Solana, becoming the first U.S. national bank to offer stablecoins directly to retail customers on public blockchains. Approximately 15 million SoFi members can now buy, sell, hold, and redeem SoFiUSD through the app, with each token redeemable 1:1 for USD via SoFi Bank. The company plans to use SoFiUSD for cross-border payments and B2B transactions, and will introduce interest-bearing tokenized deposits, FDIC-insured accounts, and 24/7 cross-border transfers. This on-chain initiative marks a key step in SoFi’s crypto expansion.
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