SoFi Unveils Ethereum Stablecoin Trading and Payments
SoFi Technologies will launch a cash-backed stablecoin named SoFiUSD, issued by SoFi Bank, debuting on Ethereum with plans to expand to multiple blockchains. The stablecoin will be fully backed by cash, with reserves reportedly held at the Federal Reserve, offering immediate redemption and an attractive yield to holders and partners.
SoFi positions itself as an infrastructure provider for banks and fintechs and claims it is among the first national banks to issue a stablecoin on a public permissionless blockchain. The stablecoin will support SoFi's crypto trading business, which currently offers 30 cryptocurrencies including Bitcoin, Ethereum, and Solana. Besides trading, SoFiUSD can be used by businesses for remittances and faster payments.
Moreover, SoFi intends to enable white-labeled stablecoins, allowing other companies to issue branded stablecoins using SoFi's infrastructure. This move follows recent Office of the Comptroller of the Currency (OCC) actions granting conditional approvals for national banking charters to several stablecoin issuers, reflecting regulatory developments in the space.
SoFi's stock price was around $25 on December 18, 2025, marking a roughly 75% increase over the past six months amid renewed crypto activity following a pause in crypto offerings in 2023. CEO Anthony Noto signaled aggressive crypto plans as regulation continues to evolve.
