SoFi Launches SoFiUSD Stablecoin on Ethereum and Solana

SoFi Technologies has launched SoFiUSD, becoming the first federally chartered U.S. bank to issue its own stablecoin to a retail customer base [1, 3]. The digital asset is now available for the company’s nearly 15 million members to buy, sell, hold, and transfer directly within the SoFi mobile application [3, 4].

Key takeaways

• SoFiUSD is issued by SoFi Bank, N.A., and is backed 1:1 by cash or highly liquid cash equivalents [3, 4].
• The stablecoin is currently live on the Ethereum and Solana blockchains [3, 4].
• SoFi plans to introduce a tokenized deposit product that offers interest and FDIC insurance, distinct from the non-interest-bearing stablecoin [3].
• Mastercard is integrating SoFiUSD into its Multi-Token Network to facilitate global payment settlement [1, 3].
• Independent attestations by a U.S.-licensed CPA firm are used to verify the reserves supporting the token [3, 4].

Bridging Traditional Banking and Blockchain

The rollout of SoFiUSD represents a strategic effort to combine the speed of blockchain technology with the regulatory oversight of a national bank [3, 4]. According to SoFi CEO Anthony Noto, the initiative is intended to diversify the company’s platform and provide customers with an alternative to choosing between blockchain-based assets and traditional banking products [1, 4]. Because the stablecoin is issued by an OCC-regulated bank with access to Federal Reserve liquidity, the company aims to maintain a stable 1:1 peg to the U.S. dollar [3].

SoFi is implementing a hybrid model that offers both a portable stablecoin and a separate tokenized deposit product [3]. While the SoFiUSD stablecoin allows for 24/7 global transfers on public blockchains, it does not earn interest and is not FDIC-insured [3]. Conversely, the upcoming tokenized deposit feature is designed to remain within the SoFi ecosystem, providing users with yield and FDIC protection [3]. Users will be able to swap between these two assets within the app, providing flexibility based on their specific needs for mobility or security [3].

Institutional Infrastructure and Market Reaction

Beyond the retail launch, SoFi has been developing institutional infrastructure through partnerships with firms including Cumberland, Wintermute, Galaxy, BitGo, and Bullish [3]. The company intends to expand the use of SoFiUSD for cross-border transfers and deepen liquidity through its partnership with the exchange Bullish [3, 4].

Following the announcement, SoFi Technologies stock experienced significant volatility, with shares rising 12% in early trading on May 29, 2026 [1]. The move occurred amid a broader rally in the fintech sector, which had previously been one of the worst-performing groups of the year [1]. While the market reaction has been positive, analysts note that the project faces potential regulatory scrutiny, as federal banking regulators continue to monitor the development of bank-issued [1].