SoFi Technologies (NASDAQ: $SOFI) is moving its stablecoin push from announcement into product, launching SoFiUSD directly inside its banking app for nearly 15 million members.
The company said SoFiUSD is the first stablecoin issued by a U.S. national bank to become available directly on a banking platform. Members can now buy, sell, hold and convert the dollar-backed token inside the SoFi app, with full availability expected by early June as users update to the latest version.
SoFiUSD is issued by SoFi Bank, N.A., regulated by the Office of the Comptroller of the Currency, and is designed to be redeemable 1:1 for U.S. dollars. SoFi said the token is supported by liquid assets and regular attestations performed by an independent U.S.-licensed CPA. The token is available on Ethereum (CRYPTO: $ETH) and Solana (CRYPTO: $SOL), with additional networks planned.
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The launch puts SoFi deeper into the stablecoin race at a time when banks, fintechs and payment firms are testing blockchain rails as a practical settlement layer rather than a separate crypto product. SoFi is trying to place dollar movement, digital assets and banking products inside one consumer platform, using the stablecoin as another layer in its broader financial app.
CEO Anthony Noto said SoFi wants to combine the speed of blockchain with “the trust of a bank,” adding that members should not have to choose between blockchain tools and regulated banking products.
More utility is still planned. SoFi said it expects to let members convert SoFiUSD into tokenized deposits, which could offer interest and FDIC insurance under separate deposit account terms. The company also plans to launch cross-border value transfer features and an initial centralized exchange on Bullish for institutional trading.
SoFi Technologies Inc. (NASDAQ: SOFI) is trading at $15.98 U.S. per share.