SoFi launched SoFiUSD, the first bank-issued stablecoin integrated directly into a consumer banking app.
Stablecoin News
SoFi Technologies has made SoFiUSD available to its 14.7 million members directly within the SoFi app, the company announced on May 27.
SoFi said the launch marks the first time a US national bank has embedded a bank-issued stablecoin inside a consumer banking interface.
The token runs on both the Ethereum (ETH) and Solana (SOL) blockchains. It is redeemable 1:1 for US dollars from SoFi Bank and backed by liquid assets held in reserve. Independent auditors will conduct regular attestations of those reserves.
Members can buy, sell, hold, and convert SoFiUSD within the same app used for savings, spending, borrowing, and investing. SoFi described the structure as placing regulated banking infrastructure and on-chain settlement under a single consumer interface.
"People no longer have to choose between blockchain technology and regulated banking products," CEO Anthony Noto said. "With SoFiUSD, we're giving our members a single place to buy, hold, and pay with digital assets in the same app they already use to save, spend, borrow, and invest."
SoFi cautioned that SoFiUSD is not itself FDIC-insured and carries the risk of loss like all digital assets.
Mastercard Settlement and a Broader Roadmap
Near-term additions include tokenized deposits eligible for FDIC insurance, 24/7 low-cost cross-border transfers, and a listing on institutional crypto exchange Bullish. SoFi first announced the initiative in December 2025, describing SoFiUSD as a fully reserved digital dollar built for round-the-clock settlement.
In March 2026, SoFi extended its Mastercard partnership to allow SoFiUSD to function as a settlement currency across Mastercard's global payments network. SoFi Bank plans to settle its own credit and debit card transactions in SoFiUSD under that agreement. Galileo, SoFi's technology platform, is expected to offer other issuing banks the option to settle card transactions using the stablecoin as well.
SoFi said its underlying infrastructure could allow banks, fintechs, and enterprise partners to issue white-label stablecoins or integrate SoFiUSD into their own payment systems. The launch arrives as Congress advances two pieces of digital asset legislation, with the GENIUS Act already signed into law and the broader CLARITY Act still pending.
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