SoFi Technologies has launched SoFiUSD, the first stablecoin issued by a U.S. national bank available directly within a consumer banking app. The token is accessible to the fintech’s nearly 15 million members and is redeemable 1:1 for U.S. dollars, backed by liquid assets on the Ethereum and Solana blockchains.
SoFi Technologies announced it is the first U.S. national bank to offer a bank-issued stablecoin directly inside a consumer banking app. The San Francisco-based fintech said its SoFiUSD token is now available for members to buy, sell, hold, and convert within its app.
The launch comes as Congress moves toward establishing a federal cryptocurrency framework with the Clarity Act. Specific rules for stablecoins were already enacted last summer when President Donald Trump signed the GENIUS Act into law. SoFi CEO Anthony Noto stated, “People no longer have to choose between blockchain technology and regulated banking products.”
SoFiUSD is pegged one-to-one to the U.S. dollar and backed by liquid assets held by SoFi Bank. The company confirmed independent auditors will regularly attest to the reserves supporting all outstanding tokens. The stablecoin operates on both the Ethereum and Solana blockchains.
The company outlined plans to expand the offering with FDIC-insurable tokenized deposits and 24/7 cross-border transfers. SoFi also intends to list SoFiUSD on the institutional crypto exchange Bullish. Despite its bank backing, SoFi cautioned that the stablecoin itself is not FDIC-insured and carries the risk of loss inherent to all digital assets.
