Ethereum · CoinDesk
SoFi releases SoFiUSD stablecoin to banking app users
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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.
Key facts
- The company said Wednesday that nearly 15 million members will be able to buy, sell, hold and convert SoFiUSD within the SoFi app
- SoFi CEO Anthony Noto said the company wants to combine blockchain-based payments with regulated banking services inside a single platform
- SoFi said it sees the larger opportunity outside crypto markets
- The use of stablecoins in traditional finance is still incredibly small today,” a SoFi spokesperson said
Summary
Nearly 15 million SoFi members can now buy, sell, hold and convert SoFiUSD in the app, with each token redeemable 1:1 for U.S. dollars through SoFi Bank. SoFi says it aims to use SoFiUSD for traditional finance use cases like cross-border payments and B2B transactions, and plans future features including interest-earning tokenized deposits, FDIC-insured accounts and 24/7 cross-border transfers. The company said Wednesday that nearly 15 million members will be able to buy, sell, hold and convert SoFiUSD within the SoFi app.