SoFi Launches SoFiUSD Stablecoin to 15M Members

SoFi Bank on May 27 launched SoFiUSD, a stablecoin issued by SoFi Bank, N.A., making the token available inside the SoFi mobile app to about 14.7 million members. The bank is regulated by the Office of the Comptroller of the Currency.

SoFiUSD is designed to track the U.S. dollar on a one-to-one basis and is redeemable directly from SoFi Bank. The token carries the blockchain ticker SOFID. Members can buy, sell, hold and convert SoFiUSD within the SoFi app without using an external crypto wallet.

SoFiUSD is live on the Ethereum and Solana blockchains; the company said it will add other networks over time. SoFi said it holds liquid assets to back all outstanding SoFiUSD and will publish regular independent attestations by a U.S.-licensed certified public accountant to document reserve backing.

The company warned that SoFiUSD is not a bank deposit, is not insured by the FDIC or SIPC, and is not legal tender. SoFi also noted that blockchain transactions are generally irreversible and may be subject to delays or permanent loss.

SoFi expects full availability by early June as users update to the latest app version. Within weeks the company plans to enable tokenized deposits that would allow members to convert SoFiUSD into interest-bearing, FDIC-insured token accounts. SoFi also plans to offer 24/7 cross-border transfers using the stablecoin to move value globally at lower cost than traditional wire systems.

SoFi confirmed a partnership with Bullish, a centralized digital asset exchange, to list SoFiUSD for institutional trading and to support stable pricing and high-volume execution.

Anthony Noto, SoFi’s chief executive, described the product this way: “People no longer have to choose between blockchain technology and regulated banking products. With SoFiUSD, we’re giving our members a single place to buy, hold, and pay with digital assets in the same app they already use to save, spend, borrow, and invest.”

SoFi operates a financial services app with about 14.7 million members and runs Galileo, a payments and account technology platform that serves 133 million global accounts. The launch comes as U.S. lawmakers and regulators continue to consider federal stablecoin rules.