Overview
- SoFi made SoFiUSD available inside its banking app to nearly 15 million members on May 27, allowing customers to buy, sell, hold, and convert the token without leaving the app.
- SoFi says each SoFiUSD is redeemable one‑for‑one for U.S. dollars and that reserves are held at the Federal Reserve with regular attestations by independent auditors.
- The token launched on the Ethereum and Solana blockchains and passed $100 million market capitalization on Ethereum within days, while SOFI shares moved modestly higher after the announcement.
- SoFi plans to add tokenized deposits that could earn interest and qualify for FDIC coverage under separate terms plus 24/7 cross‑border transfers and a listing for institutional trading on Bullish.
- The rollout tests whether a national bank charter, Fed‑held reserves, and audit transparency can drive consumer adoption of stablecoins even as SoFi warns SoFiUSD is not a bank deposit, is not FDIC insured, and its crypto business has shown thin net margins to date.