SoFi launches first bank-issued stablecoin for 15M retail…

SoFi has launched SoFiUSD, a dollar-backed stablecoin on Ethereum and Solana, making it the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain. Nearly 15 million SoFi members can now buy, sell, hold and convert SoFiUSD inside the banking app, with each token redeemable 1:1 for U.S. dollars through SoFi Bank.

Unlike crypto-native issuers Tether and Circle, SoFi is positioning SoFiUSD around traditional finance use cases — cross-border payments, B2B transactions, and eventually interest-earning tokenized deposits eligible for FDIC insurance. CEO Anthony Noto framed it as a convergence play: "People no longer have to choose between blockchain technology and regulated banking products."

Full availability is expected by early June as members update to the latest app version.