A nationally chartered US bank just put a stablecoin on Ethereum. That sentence alone would have sounded like science fiction three years ago.
SoFi Bank, N.A., the banking subsidiary of SoFi Technologies, launched SoFiUSD on May 27, making it the first stablecoin ever issued by a US national bank. The token is live on Ethereum and Solana, redeemable 1:1 for US dollars, and accessible to nearly 15 million SoFi members directly inside the company’s banking app.
What SoFi actually built
SoFiUSD isn’t a side project or a proof-of-concept buried in a press release. It’s integrated into SoFi’s consumer banking platform, meaning members can buy, sell, hold, and convert the stablecoin without leaving the app they already use for checking accounts and student loan refinancing.
The reserves backing SoFiUSD are held at the Federal Reserve. It’s cash, parked at the safest institution in American finance, backing a digital dollar on a public blockchain.
