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SoFi brings bank-issued stablecoin to 15 million users in crypto push
The fintech platform says its dollar-backed stablecoin will let members trade, transfer and eventually earn yield through its banking app.
May 27, 2026, 11:00 a.m. 2 min read
What to know:
- SoFi has launched SoFiUSD, a dollar-backed stablecoin on Ethereum and Solana, becoming the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain.
- Nearly 15 million SoFi members can now buy, sell, hold and convert SoFiUSD in the app, with each token redeemable 1:1 for U.S. dollars through SoFi Bank.
- SoFi says it aims to use SoFiUSD for traditional finance use cases like cross-border payments and B2B transactions, and plans future features including interest-earning tokenized deposits, FDIC-insured accounts and 24/7 cross-border transfers.
The launch marks a broader push by banks into blockchain-based payments as lawmakers and regulators move closer to establishing rules for stablecoins in the U.S. Stablecoins are digital tokens designed to maintain a fixed value, usually pegged to the dollar. The market is currently dominated by crypto-native issuers Tether’s USDT and Circle’s USDC, which are widely used in crypto trading and decentralized finance.
SoFi said it sees the larger opportunity outside crypto markets.
“The use of stablecoins in traditional finance is still incredibly small today,” a SoFi spokesperson said. “Historically, stablecoins have been used for DeFi and crypto trading, but not for use cases like cross-border payments or B2B transactions.”
