SoFi reported $121.6 million in crypto-related revenue for Q1, driven by its stablecoin and Mastercard partnership.
SoFi generated $121.6 million in revenue from its crypto relaunch during the first quarter. The majority of the revenue was offset by associated costs, according to company disclosures.
The revenue surge followed the December launch of SoFiUSD, a stablecoin designed for enterprise payments, and a partnership with Mastercard to enhance settlement capabilities. The move marks SoFi’s expanded push into digital asset services.
No immediate market reaction was disclosed in the release.