Overview
- SoFi began rolling out SoFiUSD to its app users on Wednesday, May 27, 2026, letting members buy, sell, hold and convert the token directly inside the SoFi app.
- SoFi Bank says each SoFiUSD is redeemable one-for-one for U.S. dollars and that the bank holds liquid assets to back all outstanding tokens.
- SoFiUSD is live on the public Ethereum and Solana networks to enable faster on-chain transfers, with plans to add more blockchains for wider interoperability.
- SoFi discloses SoFiUSD is not a deposit, is not FDIC or SIPC insured, and may lose value; the company plans a separate feature to convert tokens into tokenized deposits that could earn interest and seek FDIC coverage under different terms.
- SoFi has announced plans to list SoFiUSD on the Bullish exchange for institutional trading to support liquidity, and success will depend on reserve attestations, app adoption, and execution of the planned product roadmap.