SoFi Bank launches crypto trading and plans SoFi USD stablecoin
U.S.-based SoFi Bank has become the first national bank in the country to offer cryptocurrency trading. The phased rollout began on November 11, allowing customers to buy, sell, and store dozens of digital assets, including Bitcoin (BTC) and Ethereum (ETH).
The move follows a March decision by the Office of the Comptroller of the Currency (OCC) to ease restrictions on banks engaging with digital assets.
SoFi previously exited the crypto market in 2023 to secure its banking charter. The bank returned to digital assets this summer with the launch of blockchain-based international payments and peer-to-peer transfers between clients.
The next step will be the release of SoFi’s own stablecoin, SoFi USD (SFUSD), backed by U.S. dollar reserves. The token will be integrated into SoFi’s lending and instant payment systems, expanding the role of digital currencies across its consumer services.
CEO Anthony Noto called blockchain and cryptocurrencies “supercycle technologies” comparable to artificial intelligence, predicting their widespread adoption in finance. He emphasized that only regulated banks can issue stablecoins fully backed by liquid reserves.
As of publication, SoFi manages more than $41 billion in assets and serves 12.6 million customers. Over 60% of clients have expressed interest in crypto investments, prompting the bank’s renewed focus on digital assets. Noto also disclosed that about 3% of his personal portfolio is held in Bitcoin.
The launch marks a turning point for the U.S. banking sector, which has largely avoided crypto due to regulatory constraints. SoFi’s entry could set a precedent for other banks seeking to integrate blockchain technology into traditional finance.
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