Digital financial service firm SoFi Technologies announced on Wednesday that the company will issue a U.S. dollar backed stablecoin called SoFiUSD.
The launch represents the first instance of a stablecoin from a national bank in the U.S. to be listed directly in a banking app. As per the announcement, the token would now be available to purchase, trade, hold, and exchange directly via the SoFi app.
This move is happening against the backdrop of increased adoption by institutions in the stablecoin market. The total market capitalization of stablecoins has surged by more than 50 percent since the beginning of 2025 to reach over $322 billion at the moment. Stablecoin transaction volumes have reached more than $34 trillion, outdoing big traditional payment networks, and this is attributed to its practical cross-border utility.
“At SoFi, we believe we can combine the speed and versatility of the blockchain with the trust of a bank to improve how money moves around the world,” said Anthony Noto, CEO of SoFi.
“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.”
Features of the stablecoin
The stablecoin is fully redeemable on a one-to-one basis in terms of the U.S. dollar from SoFi Bank, and the firm asserts that it will maintain liquid reserves to back each token issued.
The SoFi company revealed further that SoFiUSD will have features like transparency at the banking level, which will come in form of regular reserve attestations performed independently by a licensed Certified Public Accountant in the United States.
The launch of the stablecoin is set to begin on the Ethereum and Solana blockchain platforms, enabling customers to enjoy their use within two of the biggest ecosystems for cryptocurrencies.
SoFiUSD launch part of broader expansion
As SoFi stated in its press release, SoFiUSD being released is merely an introductory step towards implementing its even more extensive strategy for providing stablecoin services. Over the following couple of weeks, the company is planning to allow customers to exchange SoFiUSD into interest-bearing tokens that will be backed by FDIC insurance protection but under certain account conditions.
Furthermore, SoFi plans to utilize the capabilities of blockchain technology in improving cross-border payments through the opportunity offered to members to transfer money worldwide without any fees and interruptions in real-time.
Lastly, the launch of SoFiUSD on Bullish will also make it easier for institutions to trade and execute large orders due to greater liquidity.
SoFiUSD goes live on Ethereum, Solana blockchain networks
SoFi introduced the SoFiUSD stablecoin on Ethereum and Solana blockchains. According to SoFi, both blockchains were chosen due to their strong capabilities when it comes to digital asset transactions and general blockchain operations.
In addition, SoFi revealed plans to support other blockchains as time progresses since the expansion of its stablecoin ecosystem continues. The move further strengthens the cooperation with Mastercard in March. SoFi had revealed plans to examine how SoFiUSD can be used in settlement processes in Mastercard’s global network, which includes the customers of SoFi Bank and Galileo payment systems.
In the early part of this year, SoFi introduced a solution called Big Business Banking, designed to assist institutions in managing their fiat money, SoFiUSD, and cryptocurrencies within a single regulatory framework.
Partners include companies such as Bullish, BitGo, and Galaxy. Despite being successful in generating revenues from cryptocurrency operations, SoFi also stressed that SoFiUSD was not a bank deposit and was neither FDIC or SIPC insured. In addition, the coin is neither legal tender nor guaranteed against loss of value.