Ethereum · The Block
SoFi rolls out SoFiUSD stablecoin to banking app users
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
SoFi Technologies has made its U.S. dollar-pegged stablecoin available to its 14.7 million members directly within the SoFi app, marking the first instance of a U.S. national bank-issued stablecoin embedded in a retail banking interface, according to the company.
Key facts
- SoFi first introduced its stablecoin initiative in December, describing SoFiUSD as a fully reserved digital dollar issued by its nationally chartered bank and designed for 24/7 settlement
- SoFi Technologies has made its U.S. dollar-pegged stablecoin available to its 14.7 million members directly within the SoFi app, marking the first instance of a U.S. national bank-issued stablecoin
- In March, SoFi extended its partnership with Mastercard to enable SoFiUSD as a settlement currency across Mastercard's global payments network
- 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," SoFi CEO Anthony Noto said
Summary
SoFi is positioning the product as part of a broader effort to integrate blockchain-based settlement tools into its banking stack, spanning consumer payments, custody, and potential enterprise integrations. "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," SoFi CEO Anthony Noto said. According to the bank, the rollout is the first phase of a broader roadmap. SoFi first introduced its stablecoin initiative in December, describing SoFiUSD as a fully reserved digital dollar issued by its nationally chartered bank and designed for 24/7 settlement.