SoFiUSD is now live for 14.7M users, enabling buying, holding, and converting within the SoFi banking app. The stablecoin is issued by SoFi Bank with 1:1 USD backing and operates on Ethereum
SoFi rolled out its U.S. dollar stablecoin SoFiUSD inside the SoFi app for 14.7 million members. The launch enables users to buy, sell, hold, and convert the token within the banking app. SoFi Technologies, Anthony Noto, Ethereum, Solana, and Bullish exchange are involved in the rollout.
SoFi Technologies confirmed that SoFiUSD is now active within its consumer app. Notably, 14.7 million members can access the stablecoin directly. The token represents a U.S. dollar-pegged asset issued by SoFi Bank.
It operates initially on Ethereum and Solana blockchain networks. Anthony Noto, SoFi CEO, said users can manage digital assets in one app. He stated users can combine banking services and blockchain tools together.
The stablecoin allows buying, selling, holding, and conversion within the SoFi interface. SoFi positioned the rollout as integration between regulated banking and blockchain systems.
SoFi described SoFiUSD as the first stablecoin issued by a U.S. nationally chartered bank. The structure includes 1:1 redemption for U.S. dollars held at SoFi Bank. The bank confirmed liquid asset backing for all outstanding tokens in circulation.
Additionally, independent CPA attestations will review transparency and reserve support. SoFiUSD also includes multi-chain access across Ethereum and Solana networks. However, the company plans additional blockchain integrations in later phases.
The roadmap includes tokenized deposits linked to FDIC insurance coverage.SoFi also plans cross-border transfer features operating 24/7 settlement cycles.
SoFi said the rollout is the first phase of a broader development plan. The company plans integration with Bullish exchange for institutional trading support. This integration aims to support stablecoin trading and settlement for large clients.
SoFi also referenced earlier Mastercard collaboration involving stablecoin settlement use cases. Galileo, SoFi’s technology platform, may allow issuing banks to settle card transactions.
Meanwhile, SoFiUSD will extend across payments, custody, and enterprise settlement infrastructure. SoFi stated that the system connects banking infrastructure with onchain settlement rails.
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