SoFi launches SoFiUSD stablecoin on Ethereum, Solana
SoFi launched SoFiUSD, a bank‑issued stablecoin redeemable 1:1 for U.S. dollars and backed by liquid assets, to nearly 15 million members in its app on Ethereum and Solana.
SoFi launched SoFiUSD on Wednesday, making the dollar‑pegged token available for nearly 15 million members inside the SoFi app on the Ethereum and Solana blockchains. Members can buy, sell, hold and convert the token directly in the consumer banking app.
SoFi Bank, the company’s nationally chartered bank, issued the token. SoFi says SoFiUSD is redeemable one‑to‑one for U.S. dollars and that it holds liquid assets to back all outstanding tokens. Independent auditors will perform regular attestations of the reserves.
The token runs on both Ethereum and Solana, allowing access to Ethereum’s broader ecosystem and lower‑cost, faster processing on Solana. SoFi described the dual‑chain approach as a way to support user access and integrations across both networks.
SoFi outlined a near‑term product roadmap that includes converting SoFiUSD into tokenized deposits that would be eligible for FDIC insurance, enabling low‑cost 24/7 cross‑border transfers, and pursuing a listing on the institutional crypto exchange Bullish. The company cautioned that SoFiUSD itself is not FDIC insured and, like other digital assets, carries the risk of loss.
Anthony Noto, SoFi’s CEO, stated in a company release: “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.”
The launch comes as lawmakers work on federal rules for cryptocurrencies. Congress is advancing the Clarity Act to set federal rules for crypto markets, and the GENIUS Act, passed last summer, established specific rules for issuing and trading stablecoins.
SoFi plans to provide ongoing reserve attestations and pursue additional integrations and listings over time.
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