SoFi Rolls Out SoFiUSD Stablecoin to 14.7M App Members

SoFi Technologies has launched its U.S. dollar stablecoin, SoFiUSD, for 14.7 million members inside the SoFi banking app, allowing users to buy, sell, hold, and convert the token directly within the interface. SoFiUSD is issued by SoFi Bank and is designed to maintain a 1:1 peg to the U.S. dollar, with redemption in dollars held at SoFi Bank. The bank said all tokens in circulation are backed by liquid assets, and the company plans to publish independent CPA attestations covering reserves and transparency. The stablecoin initially operates on the Ethereum and Solana networks, with additional blockchain integrations planned in later phases. Anthony Noto, SoFi's CEO, said the launch is intended to bring regulated banking and blockchain functionality into a single app experience. SoFi characterized the rollout as the first step in a broader roadmap spanning payments, custody, and enterprise settlement. The company said it plans to integrate SoFiUSD with Bullish exchange to support institutional trading and settlement. SoFi also pointed to earlier work with Mastercard on stablecoin settlement use cases, and said its Galileo technology platform could enable issuing banks to settle card transactions. Future initiatives cited by the company include tokenized deposits linked to FDIC insurance coverage and cross-border transfer capabilities with 24/7 settlement.