SoFi Brings Stablecoin to Banking App Users

SoFi has become the first US national bank to make its own stablecoin available directly through a banking platform, marking another step in the convergence of traditional banking and blockchain-based finance.

SoFiUSD, a dollar-backed stablecoin issued by SoFi Bank, is now available to its nearly 15 million members through SoFi’s core banking app. Customers can buy, sell, and hold the token, which is redeemable on a one-to-one basis for US dollars, without having to leave the branchless bank’s existing online banking services platform. The stablecoin currently operates on the Ethereum and Solana networks, with support for additional blockchains planned.

The launch comes as regulatory clarity around stablecoins continues to improve in the US, encouraging banks and financial institutions to explore digital asset products and tokenized forms of money.

Unlike many existing stablecoins, SoFiUSD is issued by a federally regulated banking institution, positioning it as a bridge between conventional banking services and blockchain infrastructure.

SoFi is the largest US-based online lender, with almost 15 million customers. Earlier this year, it announced a partnership with Mastercard around SoFiUSD settlements, which — using Mastercard’s global payment network Galileo — may help the SoFi stablecoin move more smoothly for fintech firms and banks.

According to SoFi, future developments will include the ability to convert stablecoins into tokenized deposits that can earn interest and qualify for FDIC insurance, alongside cross-border payment capabilities and institutional trading access.

Investors responded positively to the announcement, with SoFi shares rising around 7% following the launch.