SoFi has rolled out its dollar-backed stablecoin, SoFiUSD, to users of its banking app, becoming the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain.
The company said Wednesday that nearly 15 million members will be able to buy, sell, hold and convert SoFiUSD within the SoFi app. The stablecoin is available on Ethereum (ETH) and Solana (SOL) and is exchangeable 1:1 for US dollars through SoFi Bank.
The launch marks a broader push by banks toward blockchain-based payments, as lawmakers and regulators move closer to establishing rules for stablecoins in the United States. Stablecoins are digital tokens designed to maintain a fixed value, usually tied to the dollar. The market is currently dominated by crypto-native issuers, Tether’s USDT and Circle’s USDC, which are widely used in crypto trading and decentralized finance.
SoFi said it sees a bigger opportunity outside of crypto markets.
“The use of stablecoins in traditional finance is still incredibly low today,” a SoFi spokesperson said. “Historically, stablecoins have been used for DeFi and crypto trading, but not for use cases such as cross-border payments or B2B transactions.”
The spokesperson added that regulation and institutional oversight could become key advantages as banks enter the sector.
“SoFiUSD competes by offering what crypto-native issuers cannot: the trust, security and oversight that comes with being a nationally chartered bank,” the spokesperson said.
Anthony Noto, CEO of SoFi, said the company wants to combine blockchain-based payments with regulated banking services within a single platform.
“People no longer have to choose between blockchain technology and regulated banking products,” Noto said in a statement in December alongside the launch of SoFiUSD.
SoFi said future updates will allow users to convert SoFiUSD into tokenized deposits that can earn interest and qualify for FDIC insurance, subject to separate account requirements. The company also plans to support 24/7 cross-border transfers and launch trading access through crypto exchange Bullish for institutional clients.
Full availability is expected in early June, as members update to the latest version of the SoFi app.
