SoFi has launched SoFiUSD, a U.S. dollar stablecoin issued by SoFi Bank, becoming the first nationally chartered and FDIC-insured bank to offer open access stablecoin infrastructure.
The token is fully backed 1:1 by cash held at the Federal Reserve, eliminating credit and liquidity risks often associated with private stablecoins.
SoFiUSD operates on a public blockchain, enabling 24/7 transfers with near-instant settlement and low transaction costs. While initially restricted to internal use, the company plans a broader rollout to members and enterprise partners in the coming months.
The infrastructure also allows partner banks, fintechs, and payment networks to issue white-labeled stablecoins or integrate SoFiUSD into existing systems.
CEO Anthony Noto said the initiative addresses inefficiencies such as slow settlement and fragmented payment providers, positioning regulated bank-issued stablecoins as a new foundation for digital payments.
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