SoFi launches stablecoin for U.S. retail banking users

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SoFi launches stablecoin for banking users

Highlights

SoFi became the first U.S. national bank to offer retail customers a stablecoin, SoFiUSD, available for trading and redemption at 1:1 on Ethereum and Solana.
SoFi is targeting applications beyond crypto trading, with plans for 24/7 cross-border transfers and business-to-business payments through its blockchain-integrated banking platform.
Future user updates will allow SoFiUSD conversion to tokenized deposits potentially earning interest and qualifying for FDIC insurance, pending regulatory approval and account terms.

Rollout through SoFi's banking app

As reported by CoinDesk, SoFi said on Wednesday that users of its banking app can buy, sell, hold and convert SoFiUSD, making it the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain.

The dollar-backed token is available on Ethereum and Solana, and SoFi Bank redeems it 1:1 for U.S. dollars. Full availability is expected by early June as members update to the latest version of the SoFi app.

SoFi says the product is part of a broader strategy to combine blockchain-based payments with regulated banking services in one platform. CEO Anthony Noto said in a December statement tied to the launch that customers no longer have to choose between blockchain technology and regulated banking products.

Banking sector push into blockchain payments

Stablecoins are designed to maintain a fixed value, usually against the dollar, and the market is still dominated by crypto-native issuers such as Tether's USDT and Circle's USDC. SoFi says the bigger opportunity lies beyond crypto trading, especially in areas such as cross-border payments and business-to-business transactions.

A company spokesperson said regulation, trust and institutional oversight could become important competitive advantages as banks enter the sector. SoFi also says future updates will let users convert SoFiUSD into tokenized deposits that may earn interest and qualify for FDIC insurance, subject to separate account terms.

The company plans to add 24/7 cross-border transfers and provide trading access through crypto exchange Bullish for institutional clients, broadening the product's reach beyond retail users. That expansion reflects a wider shift in financial services as banks test blockchain-based payment tools ahead of a more defined U.S. regulatory framework.

In our earlier article on SoFi stock performance and price outlook, we reviewed how SOFI was trading below key moving averages despite posting a Q1 revenue beat and surpassing 10 million members. We also highlighted how the Peach Finance acquisition and the upcoming SoFi Money core-system rollout were seen as potential catalysts, even as technical indicators pointed to persistent selling pressure and key support/resistance levels.

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