SoFi Technologies has rolled out SoFiUSD, a US dollar stablecoin issued by its banking subsidiary, SoFi Bank. The token is backed one-to-one by cash held at the nationally chartered and insured bank and is redeemable on demand, according to the company.
SoFi said the stablecoin is designed for low-cost payments and settlement across banks, fintech firms, and enterprise platforms. Initially issued on Ethereum, SoFiUSD is expected to expand to additional blockchains over time. Early use cases include internal settlement, card networks, remittances via SoFi Pay, and transactions on the company’s Galileo financial infrastructure platform.
The launch follows growing regulatory clarity for stablecoins in the United States after the passage of the GENIUS Act. As large financial institutions explore tokenized dollars for payments efficiency, SoFi’s move positions it among regulated firms testing stablecoins within traditional banking frameworks.
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