CoinDesk
SoFi has launched SoFiUSD, a dollar-backed stablecoin available on Ethereum and Solana, giving nearly 15 million members of its banking app the ability to buy, sell, hold and convert the token directly inside a regulated bank environment. Each SoFiUSD is redeemable 1:1 for US dollars through SoFi Bank, and the company becomes the first US national bank to issue a stablecoin directly to retail customers on a public blockchain. Full availability is targeted for early June as members update the latest version of the SoFi app.
SoFi framed the launch as a bridge between crypto rails and traditional finance, not a play for crypto trading volume. A SoFi spokesperson said the "use of stablecoins in traditional finance is still incredibly small today" and pointed to cross-border payments and B2B transactions as the larger opportunity. CEO Anthony Noto said the company wants users to "no longer have to choose between blockchain technology and regulated banking products."
Why it matters
The market for dollar-pegged tokens is currently dominated by crypto-native issuers — Tether's USDT and Circle's USDC — that sit outside the US bank regulatory perimeter. A nationally chartered bank entering the field at retail scale changes the trust calculus: SoFiUSD ships with the implicit credibility of FDIC-supervised deposit infrastructure, even though the token itself is not FDIC-insured. SoFi leaned into that asymmetry directly, saying SoFiUSD "competes by offering what crypto-native issuers cannot: the trust, security and oversight that comes with being a nationally chartered bank."
The launch lands as US lawmakers and regulators move closer to a federal stablecoin framework, and as traditional banks broadly explore blockchain-based payments. SoFi's distribution — roughly 15M members — is the variable most issuers cannot replicate without a chartered bank partnership.
Market impact
SoFi said future updates will let users convert SoFiUSD into tokenized deposits that may earn interest and qualify for FDIC insurance subject to separate account terms, alongside 24/7 cross-border transfers and institutional trading access through crypto exchange Bullish.
Frequently asked questions
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What is SoFiUSD and how is it different from USDT or USDC?
SoFiUSD is a dollar-backed stablecoin issued by SoFi Bank, redeemable 1:1 for US dollars through the bank. Unlike Tether's USDT and Circle's USDC — both issued outside the US bank regulatory perimeter — SoFiUSD ships with the implicit credibility of a nationally chartered, FDIC-supervised institution.
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How many SoFi members can access SoFiUSD at launch?
Nearly 15 million SoFi banking-app members can buy, sell, hold and convert SoFiUSD inside the app. Full availability is targeted for early June as members update to the latest version of the SoFi app.
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Which blockchains does SoFiUSD run on?
SoFiUSD launched on Ethereum and Solana. SoFi said both chains were chosen to give users flexibility for trading, transfers and future on-chain financial use cases.
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Is SoFiUSD FDIC-insured?
The token itself is not FDIC-insured. However, SoFi said future updates will allow users to convert SoFiUSD into tokenized deposits that may earn interest and qualify for FDIC insurance, subject to separate account terms.
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What use cases is SoFi targeting with SoFiUSD?
SoFi is positioning SoFiUSD for traditional finance use cases — cross-border payments, B2B transactions and tokenized deposits — rather than competing head-on with USDT and USDC for on-chain crypto trading liquidity. Institutional trading access via crypto exchange Bullish is also planned.
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