# SoFi launches bank‑backed SoFiUSD stablecoin on Ethereum and Solana

**Published:** 2026-05-30T11:44:38.000Z  
**Topic:** Solana  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/6a5ac302-d7e9-4302-89ad-4e904d3fdd88

SoFi becomes the first U.S. national bank to issue a dollar‑pegged stablecoin, available to 15 million members on Ethereum and Solana, with monthly audits and

SoFi Bank, N.A., the banking arm of fintech firm SoFi Technologies, rolled out its own dollar‑pegged stablecoin, SoFiUSD, on May 27, making it the first stablecoin issued by a U.S. nationally chartered bank and accessible directly inside the company’s consumer banking app [1]. The token is redeemable 1‑to‑1 for U.S. dollars, with reserves held at the Federal Reserve and regular attestations of those reserves [3].

**Key takeaways**
- SoFiUSD is live on both Ethereum and Solana, giving users a choice between deep liquidity and low‑cost, fast transactions [1].
- Nearly 15 million SoFi members can buy, sell, hold, and convert the token within the SoFi app [2].
- The stablecoin is backed by liquid assets held at the Fed; independent auditors will perform monthly reserve attestations [3].
- SoFi plans future features such as tokenized deposits that could earn interest and qualify for FDIC insurance, as well as 24/7 cross‑border transfers [2].
- The launch signals growing confidence among regulated financial institutions in Solana’s payment infrastructure [4].

## Bank charter meets blockchain infrastructure

The launch marks a shift from earlier bank‑stablecoin experiments that were limited to wholesale settlement. SoFi’s approach embeds the token directly into its consumer platform, allowing members to manage the stablecoin alongside checking accounts, student loans, and investment products without leaving the app [1]. By deploying on Ethereum, SoFi taps the ecosystem with the deepest liquidity and the broadest DeFi integrations, while the Solana deployment offers faster confirmation times and lower transaction fees [1].

Reserves for SoFiUSD are held at the Federal Reserve, the “safest institution in American finance,” and are described as cash‑backed liquid assets [1]. Independent auditors will conduct regular attestations of these reserves, a practice the company highlights to differentiate its offering from crypto‑native stablecoins that rely on self‑reported audits [3]. Although the token itself is not FDIC‑insured, SoFi has indicated that future tokenized deposits could be covered under FDIC insurance, subject to separate account terms [2][3].

## Why it matters

SoFiUSD introduces a new category of stablecoin competitor that already satisfies regulatory requirements by virtue of the bank’s national charter [1]. This could pressure existing crypto‑native issuers such as Tether and Circle, which must continually prove compliance and secure regulatory approval. For SoFi shareholders, the stablecoin opens a potential revenue stream from interest earned on the Federal Reserve deposits that back the token [1].

The broader financial landscape is also evolving. Lawmakers are moving toward a formal regulatory framework for stablecoins in the United States, and SoFi’s launch aligns with that trajectory, positioning the bank to benefit from upcoming rules [2]. Additionally, the deployment on Solana underscores the network’s growing appeal to mainstream finance, as highlighted by other institutions adding stablecoin support on the chain [4].

Looking ahead, SoFi plans to expand the utility of SoFiUSD with features like interest‑earning tokenized deposits, FDIC‑insured accounts, and continuous cross‑border payment capabilities. The company also aims to list the token on the institutional exchange Bullish, further integrating traditional banking services with blockchain‑based payments [2][3]. As the stablecoin market matures, SoFi’s bank‑backed model may become a template for other regulated entities seeking to bridge the gap between conventional finance and decentralized finance.

## Sources
1. Crypto Briefing — [Ethereum hosts launch of first stablecoin from US national bank](https://cryptobriefing.com/sofi-first-us-bank-stablecoin-ethereum/)
2. CoinDesk — [SoFi brings bank-issued stablecoin to 15 million users in crypto push](https://www.coindesk.com/business/2026/05/27/sofi-brings-bank-issued-stablecoin-to-15-million-users-in-crypto-push)
3. Decrypt — [SoFi Launches SoFiUSD Stablecoin Across Ethereum and Solana](https://decrypt.co/369187/sofi-launches-sofiusd-stablecoin-ethereum-solana)
4. Live Bitcoin News — [Solana Captures 97% of Tokenized Equity Trading Volume in Major Week](https://www.livebitcoinnews.com/solana-captures-97-of-tokenized-equity-trading-volume-in-major-week/)

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Cite as: TrendWatcher, "SoFi launches bank‑backed SoFiUSD stablecoin on Ethereum and Solana", https://www.trendwatcher.in/article/6a5ac302-d7e9-4302-89ad-4e904d3fdd88