SoFi Technologies has launched SoFiUSD, a new stablecoin backed 1:1 by U.S. dollars and issued by SoFi Bank. This stablecoin is designed to help banks, fintech companies, and businesses improve their financial systems by making money transfers faster and more efficient.
SoFi is the first national bank to offer open access to its stablecoin, SoFiUSD, as well as the infrastructure that supports it. This means other companies can use SoFi’s reliable, bank-grade system to integrate stablecoin services into their own platforms. With SoFiUSD on a public blockchain, partners can move funds 24/7 with almost instant settlement as well as low cost. This makes it simple for them to manage cash flow and provide faster, more transparent services to their customers.
Key features of SoFiUSD include:
- Regulatory strength: SoFiUSD is issued by SoFi Bank, which is regulated as well as insured by the U.S. government.
- Institutional Infrastructure: SoFi’s system allows other banks, fintechs, and businesses to use its regulatory and operational framework to either issue their own stablecoins or use SoFiUSD for their payment and settlement processes.
SoFiUSD will also be available to all SoFi members soon.
Executive Statement
According to Anthony Noto, CEO of SoFi, blockchain is a technology super cycle that will fundamentally change finance, not just in payments, but across every area of money. With SoFiUSD, they are using the infrastructure they have built over the last decade and applying it to real-world challenges in financial services. Companies today struggle with slow settlement, fragmented providers, and unverified reserve models. SoFi is helping address these gaps by combining their regulatory strength as a national bank with transparent, fully reserved on-chain technology to provide a safer and more efficient way for partners to move funds.
