SoFi (SOFI) has launched a US dollar stablecoin, SoFiUSD, with the aim of enabling faster and cheaper movement of money to banks, fintechs and enterprise platforms.
The coin is issued by SoFi Bank, a nationally chartered and FDIC-insured institution, making it the first U.S. national bank to offer open access to its stablecoin infrastructure.
Last month, JPMorgan launched its custodial token, JPM Coin, on Base.
SoFiUSD will be available for internal use for now with a wider rollout to SoFi members expected in the coming months.
Unlike stablecoins issued by crypto-native companies, SoFiUSD is fully backed 1:1 by cash held by the Federal Reserve, meaning users can redeem them immediately without facing credit or liquidity risk. The coin is live on a public blockchain, enabling 24/7 movement of funds at near-instantaneous speeds and low cost.
The infrastructure also opens the door for SoFi partners, including banks, card networks or software companies, to issue their own white-label stablecoins or connect SoFiUSD to their existing payment flows. This service leverages SoFi’s banking and reserve licensing model, which the company says gives it an advantage over less regulated stablecoin issuers.
“We’re taking the infrastructure we’ve built over the last decade and applying it to real-world challenges in financial services,” said Anthony Noto, CEO of SoFi, in a statement. “Businesses today face slow settlements, fragmented suppliers, and unverified reserve models. SoFi helps fill these gaps.”
