SoFi Brings Stablecoin Banking to Mainstream Users With SoFiUSD Launch

As competition in the stablecoin market intensifies, SoFi has officially introduced its own dollar-pegged token, SoFiUSD, directly through its banking app. The move makes the fintech giant the first nationally chartered U.S. bank to offer a public blockchain stablecoin to retail customers at scale.

The new asset will allow SoFi’s nearly 15 million members to purchase, store, transfer, and redeem SoFiUSD inside the company’s mobile platform. The stablecoin operates on both the Ethereum and Solana networks and maintains a 1:1 redemption ratio with the U.S. dollar through SoFi Bank.

The rollout highlights the growing push by traditional financial institutions into blockchain-powered payments as U.S. lawmakers edge closer to formal stablecoin regulation. Until now, the sector has largely been dominated by crypto-native giants like Tether and Circle, whose USDT and USDC tokens are widely used across trading platforms and decentralized finance ecosystems.

According to the company, stablecoins remain underutilized in mainstream finance despite their rapid growth within crypto markets. SoFi believes regulated banking oversight could become a major differentiator as consumers and businesses look for more trusted digital payment solutions.

The company says SoFiUSD is designed to merge blockchain efficiency with the protections associated with federally regulated banking. Future upgrades are expected to introduce tokenized deposit products that may include interest-bearing features and potential FDIC-insured structures depending on account terms.

Anthony Noto said the long-term goal is to eliminate the divide between crypto infrastructure and traditional banking services by integrating both into a single consumer platform.

Beyond retail payments, SoFi also plans to expand into around-the-clock international transfers and institutional trading connectivity through crypto exchange Bullish.

The company expects full rollout access to be completed in early June as customers update to the latest version of the SoFi app.