SoFi’s dollar-backed stablecoin, SoFiUSD, has crossed the $100 million market cap threshold on Ethereum. For a token that only went live on May 27, 2026, that’s a notable pace of adoption, particularly given that it’s the first stablecoin issued directly through a retail banking app by a US national bank.
A regulated bank with nearly 15 million members is now actively minting stablecoins, and people are actually using them.
How SOFID works and why it’s different
SoFiUSD, trading under the ticker SOFID, is issued by SoFi Bank, N.A., which holds a national bank charter regulated by the Office of the Comptroller of the Currency. The token is redeemable 1:1 for US dollars, backed by cash reserves held at the bank’s Federal Reserve account.
Most stablecoins rely on a mix of Treasuries, commercial paper, and other short-term instruments. SOFID’s reserves sit at the Fed itself, which is about as close to “risk-free” collateral as you can get in traditional finance.
