TheBlock
SoFiUSD is live on Polygon, adding to its existing Ethereum and Solana support. Polygon Labs said SoFi's more than 17 million members can buy, sell, hold and convert the bank-issued stablecoin on Polygon through the SoFi app.
SoFi Bank, N.A., an OCC-regulated national bank, issues SoFiUSD and redeems it one-to-one for U.S. dollars. The stablecoin is available on Polygon Open Money Stack, where it joins Circle's USDC, Tether's USDT and PayPal's PYUSD.
Why it matters
The integration connects SoFiUSD to wallets, fiat rails, stablecoin conversion and cross-chain settlement through a single interface, Polygon Labs said. Customers can use the asset without a separate wallet or manual bridging, reducing the steps involved in moving between blockchain networks.
The expansion adds another payment and settlement network to SoFi's digital asset offering. SoFi also launched a tokenized deposit product in October, letting customers convert deposits into SoFiUSD one-to-one.
Market impact
SoFi reported 503,000 crypto products at the end of the third quarter. Gross crypto transaction revenue reached $161.6 million, up 20% from the prior quarter.
In September, the bank began settling card transactions with SoFiUSD on Mastercard's network. It also agreed to connect its SoFi Exchange Network with Kraken's infrastructure, extending its reach across payments and crypto services.
Frequently asked questions
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Which other blockchains support SoFiUSD?
SoFiUSD was already supported on Ethereum and Solana before its Polygon launch.
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How can SoFi members use SoFiUSD on Polygon?
Polygon Labs said SoFi members can buy, sell, hold and convert SoFiUSD on Polygon through the SoFi app, without a separate wallet or manual bridging.
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Who issues SoFiUSD and how is it redeemed?
SoFi Bank, N.A., an OCC-regulated national bank, issues SoFiUSD. It is redeemable one-to-one for U.S. dollars.
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What payment activity has SoFi already enabled with SoFiUSD?
SoFi began settling card transactions with SoFiUSD on Mastercard's network in September.
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How much crypto transaction revenue did SoFi report?
SoFi reported $161.6 million in gross crypto transaction revenue, up 20% from the prior quarter. It also reported 503,000 crypto products at the end of the third quarter.
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