SoFi Launches SoFiUSD Stablecoin on Ethereum and Solana
Analysts predict a U.S. national bank-issued stablecoin on Ethereum could strengthen trust and regulatory compliance, potentially reshaping competition in digital dollar payments.
SoFi has launched SoFiUSD, a U.S. dollar-pegged stablecoin, on Ethereum and Solana and made it available directly in the SoFi app to its 14.7 million members. According to SoFi, users can buy, sell, hold, and convert the token within the same interface used for savings, spending, borrowing, and investing, making it the first U.S. national bank-issued stablecoin embedded in a retail banking interface. The new report adds that the launch by a U.S. national bank could reshape the stablecoin market by increasing trust and regulatory compliance in digital finance. SoFi has said SoFiUSD is a fully reserved digital dollar issued by its nationally chartered bank and designed for 24/7 settlement, with plans to expand into tokenized deposits, cross-border transfers, Bullish exchange integration, and Mastercard network settlement.
- Stablecoin: A cryptocurrency designed to maintain a fixed value, often by being pegged to a fiat currency such as the U.S. dollar.
- Ethereum: A blockchain network that supports smart contracts and token issuance, including stablecoins and other digital assets.
- Solana: A blockchain network used for token issuance and payments, known for relatively fast transaction processing and lower fees.