SoFi expands SoFiUSD to Polygon as stablecoin payments push widens
SoFi is extending the reach of its bank-issued stablecoin by bringing SoFiUSD to Polygon, adding another blockchain network for payments and settlement. The move broadens support beyond Ethereum and Solana and places the token alongside major stablecoins already available on Polygon Open Money Stack.
Highlights
- SoFiUSD is now accessible via Polygon Open Money Stack, enabling SoFi users to transact stablecoins seamlessly through the SoFi app interface.
- SoFi's crypto transaction revenue reached $161.6 million in Q3, a 20% increase quarter-over-quarter, with 503,000 crypto products reported by quarter end.
- SoFi launched a tokenized deposit product in October and began settling card transactions using SoFiUSD on Mastercard's network in September, integrating stablecoin into payments and settlements.
Polygon rollout expands SoFiUSD access
As reported by The Block, citing Polygon Labs, SoFiUSD is now available on Polygon Open Money Stack, allowing SoFi members to buy, sell, hold and convert the stablecoin on Polygon through the SoFi app. The company says the setup gives the token access to wallets, fiat rails, stablecoin conversion and cross-chain settlement through a single interface, without requiring users to manage a separate wallet or manual bridging.SoFiUSD is issued by SoFi Bank, N.A., an OCC-regulated national bank, and is redeemable one-to-one for U.S. dollars. On Polygon, it joins Circle's USDC, Tether's USDT and PayPal's PYUSD as part of the network's stablecoin offering.
Polygon Labs CEO Marc Boiron says SoFi is well positioned to bring stablecoins into mainstream finance because it combines the regulatory foundation of a national bank with the reach of a large consumer and enterprise technology platform.
Digital asset strategy gains momentum
The Polygon launch adds to a broader crypto push by SoFi this year as the fintech builds out its digital asset business. The company reported 503,000 crypto products at the end of the third quarter, while gross crypto transaction revenue reached $161.6 million, up 20% from the prior quarter.SoFi also launched its tokenized deposit product in October, enabling customers to convert deposits into SoFiUSD at a one-to-one rate. In September, the bank began settling card transactions using its stablecoin on Mastercard's network, showing how the company is linking the token to both consumer payments and back-end settlement activity.
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