SoFi becomes the first U.S. national bank to offer a dollar-backed stablecoin on public blockchains to retail users.
SoFi has introduced SoFiUSD, a dollar-backed stablecoin available on Ethereum and Solana, to its 15 million banking app users. The token is redeemable 1:1 for U.S. dollars through SoFi Bank, enabling trading, transfers, and future yield-earning features.
The move marks the first time a U.S. national bank has offered a stablecoin directly to retail customers on public blockchains. SoFi plans to expand use cases for SoFiUSD, including cross-border payments, B2B transactions, and FDIC-insured tokenized deposits.
The launch reflects growing bank adoption of blockchain-based payments as U.S. regulators advance stablecoin legislation. Stablecoins are digital assets designed to maintain a fixed value, typically pegged to fiat currencies like the U.S. dollar.