Overview
- SoFi made SoFiUSD available to nearly 15 million members inside its banking app on Wednesday, letting users buy, sell, hold and convert a stablecoin redeemable 1:1 for U.S. dollars.
- SoFi Bank says the coin is issued by its nationally chartered bank, is supervised by the OCC, is backed by liquid assets with independent CPA attestations, and is not FDIC- or SIPC-insured.
- The token runs on Ethereum and Solana and SoFi plans to add features in coming weeks such as tokenized deposits that could earn interest and seek FDIC coverage, 24/7 cross-border transfers, and a Bullish exchange listing.
- Some outlets reported that reserves for SoFiUSD are held at the Federal Reserve but that claim has not been universally confirmed, and questions remain about consumer uptake and the stablecoin unit economics.
- The launch puts SoFi alongside banks, card networks and payment firms pursuing bank-backed stablecoins and could change how businesses and consumers move money if tokenized deposits and continuous blockchain rails scale.