USDSoFi Launches SoFiUSD Stablecoin
Bank app adds dollar-pegged token on Ethereum and Solana
TL;DR
- SoFi Technologies launched SoFiUSD on May 27, 2026.
- SoFiUSD is available through SoFi’s consumer banking app.
- The token is backed by liquid assets but is not FDIC-insured.
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SoFi Technologies launched SoFiUSD on May 27, 2026, positioning the dollar-pegged digital token as the first stablecoin issued by a U.S. national bank and made available directly inside a consumer banking app.
SoFiUSD lets members buy, sell, hold, and convert the token inside the SoFi app, placing stablecoin access alongside checking, savings, borrowing, investing, and other financial services. The rollout targets nearly 15 million SoFi members, with full functionality expected in the coming weeks after updates to SoFi’s mobile applications.
SoFiUSD is redeemable one-to-one for U.S. dollars from SoFi Bank. SoFi said all outstanding tokens are backed by liquid assets maintained by SoFi Bank, while independent, licensed U.S. auditors are expected to publish regular attestations of the reserves.
Anthony Noto, SoFi CEO, said, “People no longer have to choose between blockchain technology and regulated banking products.” Noto framed SoFiUSD as a way for members to manage digital assets in the same app they already use for saving, spending, borrowing, and investing.
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Stablecoin Launch Comes With FDIC Distinction
SoFi cautioned that SoFiUSD itself is not FDIC-insured. The company also warned that the token carries the risk of loss like other digital assets, despite its bank-grade backing and planned reserve attestations.
SoFi plans to add tokenized deposits, allowing members to convert SoFiUSD into tokenized bank deposits that could be eligible for FDIC insurance while earning yield. That roadmap addresses a key consumer-trust gap, because stablecoin balances generally do not carry government-guaranteed deposit protection.
SoFiUSD launched as a multi-chain asset on Ethereum and Solana, with the structure aimed at combining deeper liquidity with faster and cheaper transaction settlement. SoFi also plans to use the token for 24/7 cross-border transfers, targeting lower-cost international payments outside traditional banking hours and beyond the SWIFT system.
Bullish is planned as SoFi’s first centralized exchange partner for SoFiUSD, with the goal of building institutional liquidity and supporting more stable pricing. The launch follows SoFi’s announced strategic partnership with Mastercard to use SoFiUSD for global payments.
The product arrives as U.S. crypto regulation advances, with the CLARITY Act described as a broader effort to establish federal rules for the crypto market and the GENIUS Act described as legislation focused on stablecoin issuance and trading.
FAQ
What is SoFiUSD?
SoFiUSD is a dollar-pegged digital token issued through SoFi’s banking platform.
Is SoFiUSD FDIC-insured?
No. SoFi cautioned that SoFiUSD itself is not FDIC-insured.
Which blockchains support SoFiUSD?
SoFiUSD launched on Ethereum and Solana.
What is SoFi planning next?
SoFi plans tokenized deposits, cross-border transfers, Bullish liquidity support, and Mastercard-linked global payments.
This article has been refined and enhanced by ChatGPT.
