SoFi launches bank-issued stablecoin in banking app

SoFi has launched its SoFiUSD stablecoin in its banking app, calling it the first stablecoin issued by a US national bank available directly on a banking platform.

Members can now buy, sell, hold and convert the dollar-linked digital token within the SoFi app. The rollout covers SoFi's base of nearly 15 million members, with full availability expected as users update to the latest version of the app.

The move places a bank-issued stablecoin in a mainstream consumer finance app at a time when digital asset firms and regulated lenders are testing how blockchain-based products can coexist with conventional banking services. Stablecoins are designed to maintain a fixed value against a reference asset, usually a currency such as the US dollar.

According to SoFi, SoFiUSD is redeemable one-to-one for US dollars through SoFi Bank. The bank holds liquid assets to back all outstanding SoFiUSD, and attestations are carried out by an independent Certified Public Accountant licensed in the United States.

The token is available on the Ethereum and Solana blockchains, two of the most widely used networks for digital asset transactions. Their inclusion gives users access to established blockchain infrastructure from launch.

Anthony Noto, Chief Executive Officer of SoFi, set out the company's view of the product in a statement accompanying the launch.

"At SoFi, we believe we can combine the speed and versatility of the blockchain with the trust of a bank to improve how money moves around the world," Noto said. "People no longer have to choose between blockchain technology and regulated banking products. With SoFiUSD, we're giving our members a single place to buy, hold, and pay with digital assets in the same app they already use to save, spend, borrow, and invest."

Broader push

The stablecoin is part of a broader effort by SoFi to expand its digital asset offering beyond simple trading access. The company already offers a range of financial products through a single app, including borrowing, saving, spending, and investing tools, and has been positioning itself as a digital finance platform with banking and technology operations.

Its technology arm, Galileo, serves fintechs, financial institutions and brands across 133 million global accounts, according to SoFi. That broader footprint gives the company a presence in both consumer financial services and the infrastructure used by other financial firms.

The launch also highlights how traditional financial institutions are trying to claim a role in a market largely led by crypto-native issuers. Most major stablecoins in circulation were created outside the banking system, even though they are commonly used as a substitute for cash in digital asset markets.

By issuing its own token through a national bank structure, SoFi is seeking to differentiate its offering in terms of regulation and redemption. It said members would benefit from the transparency associated with a regulated institution.

Market context

Stablecoins have become an important part of the digital asset economy because they allow traders and users to move money on blockchain networks without switching back to traditional bank transfers for every transaction. Supporters argue that this can reduce friction in payments and transfers, while critics have focused on reserve quality, redemption risk and oversight.

Those concerns have made the question of who issues stablecoins central for regulators and financial markets. A token offered through a bank-owned channel may appeal to users who want exposure to blockchain-based transfers but remain wary of non-bank issuers.

The app-based launch is the first phase of a broader plan for SoFiUSD across SoFi's ecosystem. The company also outlined plans to connect the token with tokenised deposits and cross-border transfers, and to list it with exchange partner Bullish for institutional trading. However, those steps have not yet been launched.

For now, the immediate significance lies in distribution. Rather than limiting access to specialist crypto venues, SoFi is placing the stablecoin inside an app already used by millions of retail customers for day-to-day financial activity.

That approach could test whether demand for stablecoins broadens when the product is presented as part of a banking experience rather than as a separate crypto service. It also offers a clearer indication of how banks may try to integrate blockchain-based money into consumer finance without asking customers to leave familiar platforms.