SoFi Rolls Out SoFiUSD Stablecoin on Ethereum and Solana, Expanding Access to Nearly 15 Million Users

SoFi has issued its U.S. dollar-backed stablecoin, SoFiUSD, on Ethereum and Solana, positioning itself as the first U.S. national bank to provide a stablecoin directly to retail customers on a public blockchain, according to Odaily Planet Daily. SoFi said nearly 15 million members can now buy, sell, hold and redeem SoFiUSD within the app. Each token is redeemable for one U.S. dollar via SoFi Bank at a 1:1 ratio. The company plans to deploy SoFiUSD in traditional finance use cases including cross-border payments and B2B transactions. It also outlined a roadmap featuring interest-bearing tokenized deposits, FDIC-insured accounts and 24/7 cross-border transfers. (CoinDesk)