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SoFi launches direct SOL deposits in move to integrate Solana with banking system
SoFi now allows SOL to be transferred directly through the Solana network into accounts inside its app. For the US banking market, this marks a notable development: a federally licensed national commercial bank has integrated a public blockchain at this level for the first time.
Tokens can now be sent from external wallets — including Exodus and exchange accounts — straight into the banking interface. This is not a closed-loop crypto purchase but a full on-chain transfer, Bitget reports.
A bank operating with a public blockchain
SoFi serves 13.7 million users and manages more than $50 billion in assets. In practical terms, the bank has embedded Solana into its existing infrastructure. Checking accounts, savings and SOL transactions now sit within the same application.
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Until recently, banks entering crypto typically limited their offerings to brokerage services or custodial storage without enabling direct on-chain deposits. That model is shifting: assets can move across the Solana network while remaining inside a regulated banking environment.
Interest in digital assets is also growing among larger institutions. Morgan Stanley has applied to establish a national trust bank focused on digital asset custody and staking services and has increased exposure to Solana-related investment products.
What it means for banks and crypto
SoFi began in 2011 as a student loan refinancing platform. Today it operates as a mid-sized US bank, reporting $1 billion in revenue in the most recent quarter — up 37% year over year. Its return to crypto products is part of a broader expansion strategy, including blockchain-based cross-border payments targeting the $1 trillion remittance market.
Integrating Solana is no longer an experiment or marketing move. Blockchain is being used as operational infrastructure within a licensed bank. If the model proves sustainable, similar integrations may follow at other financial institutions, further narrowing the gap between traditional banking and the crypto market in practice.
Read also: Corporate Solana holders freeze accumulation as prices collapse
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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