BitGo said its subsidiary, BitGo Bank & Trust, was selected to provide stablecoin infrastructure and distribution support for SoFiUSD. The U.S. dollar stablecoin (price-pegged crypto asset) is issued by SoFi Bank (U.S. bank). It is described as the first USD stablecoin issued on a public, permissionless blockchain (open to anyone) by a nationally chartered and insured U.S. bank. The move signals expanding collaboration between traditional banks and crypto infrastructure providers.