SoFi is expanding the reach of its bank-issued digital dollar: SoFiUSD, the first stablecoin issued by a U.S. national bank, is now live on Polygon’s payments infrastructure. The integration with Polygon Open Money Stack — a payments layer that bundles fiat on- and off-ramps, embedded wallets and cross-chain settlement into a single integration — lets SoFi’s more than 17 million members buy, sell, hold and convert SoFiUSD on Polygon directly in the SoFi app, without needing a separate crypto wallet or manually bridging assets between chains.
SoFiUSD already runs on Ethereum and Solana, and SoFi launched the token late last year. The stablecoin is issued 1:1 redeemable for U.S. dollars by SoFi Bank, which is regulated by the U.S. Office of the Comptroller of the Currency. SoFi has also routed the company’s entire card program through SoFiUSD over Mastercard’s network, signaling a push from trading use cases toward real-world payments and settlement.
Polygon’s Open Money Stack now hosts SoFiUSD alongside USDC, USDT and PayPal’s PYUSD. That opens up integrations with wallets, banking rails and local currencies for merchant payouts, settlement and cross-border transfers — uses that extend well beyond consumer trading into the plumbing of everyday money movement. “SoFi is well positioned to bring stablecoins into mainstream finance because it combines the regulatory foundation of a national bank with the reach of a major consumer and enterprise technology platform,” said Marc Boiron, CEO of Polygon Labs.
This move also complements SoFi’s broader digital-money strategy. The company recently launched SoFi Earn, a tokenized deposit product that pays a 4.40% yield and converts one-to-one into SoFiUSD, underlining how tokenized deposits and payment stablecoins can interoperate within a single consumer experience.
For Polygon, adding a bank-issued stablecoin deepens a payments-focused narrative the network has been building. Polygon says Open Money Stack has been extended to Solana and that the chain has processed more than $3 trillion in lifetime stablecoin transfer volume. Major payments firms back Polygon’s settlement use cases: Visa and Mastercard support stablecoin settlement on Polygon, and Stripe routes USDC payments through the network for merchants in over 150 countries.
Important risk note: SoFiUSD is a payment stablecoin, not a bank deposit. It is not FDIC- or SIPC-insured, bank-guaranteed, or legal tender.
Bottom line: the Polygon integration makes SoFiUSD more accessible inside a mainstream fintech app, reflecting how banks and fintechs are embedding stablecoins into the rails that power card payments, business payouts and cross-border transfers.
SoFiUSD already runs on Ethereum and Solana, and SoFi launched the token late last year. The stablecoin is issued 1:1 redeemable for U.S. dollars by SoFi Bank, which is regulated by the U.S. Office of the Comptroller of the Currency. SoFi has also routed the company’s entire card program through SoFiUSD over Mastercard’s network, signaling a push from trading use cases toward real-world payments and settlement.
Polygon’s Open Money Stack now hosts SoFiUSD alongside USDC, USDT and PayPal’s PYUSD. That opens up integrations with wallets, banking rails and local currencies for merchant payouts, settlement and cross-border transfers — uses that extend well beyond consumer trading into the plumbing of everyday money movement. “SoFi is well positioned to bring stablecoins into mainstream finance because it combines the regulatory foundation of a national bank with the reach of a major consumer and enterprise technology platform,” said Marc Boiron, CEO of Polygon Labs.
This move also complements SoFi’s broader digital-money strategy. The company recently launched SoFi Earn, a tokenized deposit product that pays a 4.40% yield and converts one-to-one into SoFiUSD, underlining how tokenized deposits and payment stablecoins can interoperate within a single consumer experience.
For Polygon, adding a bank-issued stablecoin deepens a payments-focused narrative the network has been building. Polygon says Open Money Stack has been extended to Solana and that the chain has processed more than $3 trillion in lifetime stablecoin transfer volume. Major payments firms back Polygon’s settlement use cases: Visa and Mastercard support stablecoin settlement on Polygon, and Stripe routes USDC payments through the network for merchants in over 150 countries.
Important risk note: SoFiUSD is a payment stablecoin, not a bank deposit. It is not FDIC- or SIPC-insured, bank-guaranteed, or legal tender.
Bottom line: the Polygon integration makes SoFiUSD more accessible inside a mainstream fintech app, reflecting how banks and fintechs are embedding stablecoins into the rails that power card payments, business payouts and cross-border transfers.