SoFi Becomes First U.S.-Chartered National Retail Bank to Issue Dollar-Backed Stablecoin on Public Blockchain
On December 18, 2025, SoFi Bank, N.A. announced the issuance of SoFiUSD, a dollar-backed stablecoin on a public blockchain, marking SoFi as the first U.S.-chartered national retail bank to launch such a payment stablecoin.
SoFiUSD is fully reserved and backed 1:1 by cash reserves held at the Federal Reserve, allowing for immediate redemption and eliminating credit or liquidity risk from commercial paper. Initially intended for SoFi's internal settlement use cases, the stablecoin will later be offered to SoFi members. SoFi also aims to serve as a stablecoin infrastructure provider for other banks, fintech companies, and enterprise platforms.
The launch builds on the regulatory framework created by the GENIUS Act, signed into law in July 2025. This legislation established a federal framework for payment stablecoins, authorizing insured depository institutions to issue stablecoins under strict reserve, disclosure, and supervisory requirements. Subsequent OCC and FDIC guidance have further clarified the regulatory environment.
On December 16, 2025, the FDIC proposed a rule detailing the application process for banks to issue payment stablecoins under the GENIUS Act. This proposal restricts issuance to approved permitted payment stablecoin issuers.
The OCC has demonstrated openness to crypto innovation by conditionally approving five crypto firms, including Circle and Ripple, to pursue national trust bank charters.
SoFi's stablecoin use cases encompass crypto trading settlements, card network settlements, merchant payments, and international remittances. The company also plans to offer a dollar-denominated balance within debit or secured credit products targeting families in regions with volatile currencies.
The broader market context shows the stablecoin total market capitalization at approximately $309 billion, with USDT around $186 billion and USDC about $78 billion, according to DefiLlama. Analysts project substantial industry growth, anticipating the market to exceed $3 trillion by 2030.
