SoFi brings bank-issued stablecoin to 15 million users in crypto push
SoFi launched SoFiUSD, a dollar-backed stablecoin on Ethereum and Solana, becoming the first U.S. national bank offering stablecoins directly to retail customers. Nearly 15 million SoFi members can now trade and hold the token, redeemable 1:1 for dollars. The move signals traditional finance's push into blockchain payments as banks compete with crypto-native issuers like Tether and Circle for market share.
Key takeaways
- 1SoFi launched SoFiUSD stablecoin on Ethereum and Solana, available to 15 million retail members with 1:1 dollar redemption.
- 2SoFi becomes first U.S. national bank offering stablecoins directly to retail customers on public blockchains.
- 3Future features include FDIC-insured tokenized deposits earning interest and 24/7 cross-border transfers by early June.
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Why it matters
Traditional banks now directly compete with crypto-native stablecoin issuers like Tether and Circle, bringing regulated banking credibility to blockchain payments. For Indian retail investors, this signals institutional legitimacy entering crypto markets and potential regulatory clarity on stablecoins globally.
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