SoFiUSD stablecoin expands to Monad as third blockchain, powered by BitGo
In brief
- SoFiUSD expanded to Monad in August 2026, with BitGo providing the infrastructure.
- Monad is SoFiUSD's third blockchain, after Ethereum and Solana.
- BitGo's Stablecoin-as-a-Service platform handled the multichain expansion following a March 2026 partnership.
- SoFi aims to channel over $25 billion in annualized card volume into SoFiUSD's ecosystem via Mastercard.
How SoFiUSD got here
SoFiUSD debuted on Ethereum on December 18, 2025. According to Crypto Briefing, SoFi says it was the first stablecoin issued on a public blockchain by a US nationally chartered, FDIC-insured depository institution. That's a narrow category.
BitGo came in later. On March 5, 2026, SoFi announced an infrastructure and distribution partnership with BitGo, and BitGo's Stablecoin-as-a-Service platform became the engine for getting the token onto additional chains. Solana followed by April 2026. Monad came next, in late August, and Crypto Briefing called it "the third stop on a fairly brisk road trip."
Reserves and Monad's pitch
SoFiUSD is redeemable 1:1 for US dollars. Its cash reserves sit primarily in SoFi Bank's Federal Reserve account (regular third-party attestations confirm the backing, per the report).
Monad's selling point is speed. The chain says it can process more than 10,000 transactions per second using parallel execution, though that's Monad's own stated specification, not measured throughput. SoFi has outlined 24/7 settlement, business-to-business payments and remittances as use cases for the token, and a fast chain fits that list.
Beyond the chain count
The chain count isn't the whole story.
In May 2026, SoFi opened SoFiUSD access in its member app, letting nearly 15 million members buy, sell, hold and convert the stablecoin. Card settlement went live by September 2026. Through a partnership with Mastercard, SoFi aims to channel more than $25 billion in annualized card volume into the SoFiUSD ecosystem; it's a target, and the report doesn't say SoFi has reached that figure.
The bank kept going after that. In October 2026, SoFi added a tokenized deposit product, which gives it another blockchain-based offering alongside the stablecoin.
Frequently asked questions
What is SoFiUSD?
SoFiUSD is a dollar-pegged stablecoin issued by SoFi Bank, N.A. It launched on Ethereum on December 18, 2025, and SoFi says it was the first stablecoin issued on a public blockchain by a US nationally chartered, FDIC-insured depository institution. It has since expanded to Solana and Monad.
How is SoFiUSD backed?
SoFiUSD can be redeemed 1:1 for US dollars. Its cash reserves are held mainly in SoFi Bank's Federal Reserve account, and regular third-party attestations confirm the backing, according to Crypto Briefing.
What role does BitGo play in SoFiUSD?
SoFi announced an infrastructure and distribution partnership with BitGo on March 5, 2026. BitGo's Stablecoin-as-a-Service platform has been used to bring SoFiUSD to additional chains, including Monad in August 2026.
