Key Takeaways:
SoFi Technologies rolled out its dollar-backed stablecoin, SoFiUSD, to nearly 15 million members Wednesday, becoming the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain. The token, available on Ethereum and Solana, is redeemable 1:1 for U.S. dollars through SoFi Bank, which maintains liquid assets backing all outstanding tokens with regular attestations from an independent CPA licensed in the United States.
"People no longer have to choose between blockchain technology and regulated banking products," Anthony Noto, chief executive officer of SoFi, said in a statement. "With SoFiUSD, we're giving our members a single place to buy, hold and pay with digital assets in the same app they already use to save, spend, borrow and invest."
SoFiUSD initially launched in December 2025 as an enterprise-only product for payment networks and merchants. The consumer rollout puts SoFi in direct competition with crypto-native issuers Tether's USDT and Circle's USDC, which dominate the roughly $230 billion stablecoin market. SoFi's national bank charter, regulated by the Office of the Comptroller of the Currency, gives it a regulatory advantage that crypto-native issuers cannot match, a SoFi spokesperson said, adding that the company sees the larger opportunity outside crypto markets in areas such as cross-border payments and business-to-business transactions.
The launch comes as U.S. lawmakers move closer to establishing a federal framework for stablecoins. The Genius Act, enacted in July 2025, set baseline rules for issuance and reserve requirements. A separate bill, the Clarity Act, is advancing through Congress and would permit issuers to distribute rewards tied to specific activities while prohibiting traditional interest on dormant balances — a provision that has drawn opposition from traditional banks concerned about deposit outflows. SoFi has publicly endorsed the Clarity Act and urged lawmakers to act quickly to strengthen American competitiveness in digital assets.
SoFi plans to expand SoFiUSD functionality in the coming weeks, including converting the stablecoin into tokenized deposits that may earn interest and qualify for FDIC insurance, subject to separate account terms. The company also intends to support 24/7 cross-border transfers with fewer delays and lower costs than legacy financial systems, and integrate with crypto exchange Bullish for institutional trading. Full availability is expected by early June as members update to the latest version of the SoFi app.
Major payment processors Visa and Mastercard have broadened their stablecoin capabilities, and Fiserv introduced its own digital currency, intensifying competition in the space. The critical challenge for all issuers remains consumer adoption: while stablecoins demonstrate clear advantages for corporate settlements in speed, continuous availability and minimal friction, persuading mainstream users to hold and transact in them represents a distinct hurdle.
SOFI shares gained about 1% in premarket trading Wednesday. The stock has declined 39% year-to-date in 2026 but remains up 22% over the trailing 12 months, supported by strong performance through 2025.
This article is for informational purposes only and does not constitute investment advice.
