SoFi Launches SoFiUSD Stablecoin on Ethereum and Solana
In brief
- SoFi is the first U.S. national bank offering a stablecoin directly in its consumer banking app
- SoFiUSD is dollar-pegged and redeemable one-to-one for U.S. dollars from SoFi Bank
- Token runs on Ethereum and Solana with planned cross-border transfers and institutional listing
A Milestone in Banking and Blockchain
This is the first time a stablecoin issued by a federally chartered bank has been offered directly on a banking platform. The move signals a convergence between regulated banking and blockchain infrastructure, one that's become possible partly due to recent legislative clarity. President Donald Trump signed the GENIUS Act into law last summer, establishing rules specifically focused on issuing and trading stablecoins. Congress is also pushing toward establishing a formal regulatory framework for cryptocurrency in the United States with the Clarity Act.
How SoFiUSD Works
SoFiUSD is redeemable one-to-one for U.S. dollars from SoFi Bank, with the company maintaining liquid assets to back all outstanding tokens. Independent auditors will conduct regular attestations of SoFiUSD reserves. It's important to note that SoFiUSD is not itself FDIC-insured and carries the risk of loss like all digital assets.
The company has outlined an expansion roadmap. SoFi plans to let members convert SoFiUSD into tokenized deposits eligible for FDIC insurance, bridging stablecoin holdings with traditional deposit protections. The firm also intends to list SoFiUSD on the institutional crypto exchange Bullish and enable low-cost cross-border transfers around the clock.
"People no longer have to choose between blockchain technology and regulated banking products. 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." — Anthony Noto, SoFi CEO
The dual-blockchain deployment—Ethereum and Solana—gives members flexibility across two of the largest blockchain ecosystems. This approach reflects the broader shift toward interoperability in crypto infrastructure, where assets can live and move across multiple chains rather than being locked to a single network.
Frequently asked questions
What makes SoFiUSD different from other stablecoins?
SoFiUSD is the first stablecoin issued by a federally chartered U.S. national bank and offered directly within a consumer banking app. It's redeemable one-to-one for U.S. dollars, backed by liquid assets, and audited regularly by independent auditors.
Is SoFiUSD FDIC-insured?
SoFiUSD itself is not FDIC-insured and carries the risk of loss like all digital assets. However, SoFi plans to let members convert SoFiUSD into tokenized deposits that are eligible for FDIC insurance.
Which blockchains does SoFiUSD operate on?
SoFiUSD runs on both Ethereum and Solana blockchains, giving members flexibility to use the stablecoin across two major blockchain ecosystems.
