SoFi has begun rolling out its dollar-backed stablecoin, SoFiUSD, to nearly 15 million users of its banking app — positioning the company as the first U.S. national bank to offer a bank-issued stablecoin directly to retail customers on public blockchains.
SoFiUSD is live on Ethereum and Solana and is redeemable 1:1 for U.S. dollars through SoFi Bank. The integration lets app users buy, sell, hold and convert the token inside SoFi’s platform, bringing crypto-native rails and regulated banking services under one roof.
The move comes as U.S. lawmakers and regulators edge toward clearer rules for stablecoins. Today’s market is dominated by crypto-native issuers such as Tether (USDT) and Circle (USDC), which are staples of trading and decentralized finance. SoFi, however, says the bigger opportunity lies outside pure crypto use cases — targeting cross-border payments, B2B transactions and other mainstream financial flows that have seen limited stablecoin adoption so far.
“SoFiUSD competes by offering what crypto-native issuers cannot: the trust, security and oversight that comes with being a nationally chartered bank,” a SoFi spokesperson said, underscoring the company’s emphasis on regulatory safeguards. CEO Anthony Noto framed the launch as an end to the tradeoff between blockchain tech and regulated banking: “People no longer have to choose between blockchain technology and regulated banking products,” he said.
SoFi also flagged product enhancements coming soon: users will be able to convert SoFiUSD into tokenized deposits that may earn interest and — subject to separate account terms — qualify for FDIC insurance. The firm plans 24/7 cross-border transfer support and institutional trading access via crypto exchange Bullish.
Full availability is expected by early June as members update to the latest SoFi app. The rollout represents a notable step in banks’ broader push into blockchain-based payments and could accelerate mainstream adoption if regulated bank-issued stablecoins gain traction.
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