SoFi has become the first US national bank to offer a stablecoin directly through a banking application with the launch of SoFiUSD, a dollar-backed digital asset now available to nearly 15 million users on the SoFi platform, according to a Wednesday statement.
Members can use the app to buy, sell, hold, and convert the stablecoin as part of the company’s expanding digital asset strategy.
SoFiUSD is backed by liquid assets and redeemable 1:1 for US dollars through SoFi Bank. The stablecoin also includes independent attestation procedures performed by US-licensed CPAs to provide additional transparency and regulatory confidence. At launch, SoFiUSD is available on the Ethereum and Solana networks.
Anthony Noto, SoFi’s chief executive officer, said the company aims to eliminate the divide between blockchain technology and regulated banking products by integrating both into a single consumer platform.
The stablecoin allows members to access digital asset functionality within the same ecosystem they already use for banking, investing, and payments.
