Summary
SoFi launched SoFiUSD, the first stablecoin issued directly through a US national bank (SoFi Bank, N.A., supervised by the OCC). Each token is redeemable 1:1 for cash, backed by liquid reserve assets. The stablecoin operates on Ethereum and Solana, with plans for more blockchains. SoFi is also developing tokenized deposits that may qualify for FDIC insurance and generate yield, plus cross-border payments and institutional trading on Bullish.
Key Points
- SoFiUSD issued by SoFi Bank, N.A. — a federally chartered US national bank under OCC supervision
- Unlike USDT (Tether) and USDC (Circle) issued by crypto-native trust companies, SoFiUSD comes from a regulated bank
- 1:1 redeemable for cash, backed by liquid reserve assets held by SoFi Bank
- Available on Ethereum and Solana; more blockchains planned
- ~15M SoFi members can access within existing banking app
- Tokenized deposits (coming soon): may qualify for FDIC insurance and generate yield through interest payments
- Cross-border payments: lower fees and faster than legacy wire systems
- Institutional trading: SoFiUSD available on Bullish exchange
- CEO Anthony Noto: goal to merge "blockchain velocity" with trust of regulated banking
- Represents a new stablecoin model: bank-issued, regulated, with potential FDIC-insured tokenized deposits