SoFi Launches SoFiUSD, First Stablecoin Issued by U.S. National Bank for Enterprise Payments
SoFi has launched SoFiUSD, a USD stablecoin backed 1:1 by cash held at the Federal Reserve and issued by SoFi Bank, a nationally chartered and FDIC-insured institution. This marks the first time a U.S. national bank has offered open access to its stablecoin infrastructure. For context, JPMorgan launched JPM Coin on Base last month.
SoFiUSD operates on a public blockchain, enabling near-instant, low-cost settlement with 24/7 fund movement and immediate redemption without credit or liquidity risk. Initially intended for internal use, a broader rollout to SoFi members is expected in the coming months. The service also supports white-labeled stablecoins tailored for fintechs, banks, and enterprises.
Leveraging SoFi's banking license and reserve model, this stablecoin initiative provides an advantage over less regulated issuers. SoFi CEO Anthony Noto highlighted that this infrastructure addresses challenges including slow settlement, fragmented providers, and unverified reserve models in financial services. The launch aligns with SoFi's strategy to position SoFiUSD as a faster, safer alternative to crypto-native tokens.
