SoFi Brings Bank-Issued Stablecoin SoFiUSD to 15 Million App Users on Ethereum and Solana

SoFi has introduced its U.S. dollar-backed stablecoin, SoFiUSD, to customers using its banking app, positioning itself as the first U.S. national bank to make a stablecoin available directly to retail users on a public blockchain. The company said Wednesday that nearly 15 million members can buy, sell, hold and convert SoFiUSD inside the SoFi app. The token is live on Ethereum (ETH) and Solana (SOL) and can be redeemed 1:1 for U.S. dollars through SoFi Bank. The rollout underscores banks' growing interest in blockchain-based payments as U.S. lawmakers and regulators move closer to a framework for stablecoins. Stablecoins are digital tokens designed to keep a fixed value, typically pegged to the dollar. The segment is currently led by crypto-native issuers Tether's USDT and Circle's USDC, both widely used for crypto trading and decentralized finance. SoFi said it views the larger opportunity beyond crypto markets. "The use of stablecoins in traditional finance is still incredibly small today," a SoFi spokesperson said, adding that stablecoins have historically been used for DeFi and crypto trading rather than use cases such as cross-border payments or B2B transactions. The spokesperson said regulation and institutional oversight could become key differentiators as banks expand into the space, arguing that SoFiUSD offers "the trust, security and oversight" associated with a nationally chartered bank. SoFi CEO Anthony Noto said the company aims to pair blockchain-based payments with regulated banking services in one platform. "People no longer have to choose between blockchain technology and regulated banking products," Noto said in a statement in December alongside the SoFiUSD launch. SoFi said future updates will allow users to convert SoFiUSD into tokenized deposits that may earn interest and qualify for FDIC insurance, subject to separate account terms. The company also plans to add 24/7 cross-border transfers and provide trading access for institutional clients through crypto exchange Bullish. SoFi expects full availability by early June as members update to the latest version of the SoFi app.