SoFi has launched SoFiUSD, a dollar-backed stablecoin, to nearly 15 million users through its banking app, making it the first U.S. national bank to offer a stablecoin directly to retail customers on public blockchains like Ethereum and Solana. Each SoFiUSD token is redeemable 1:1 for U.S. dollars via SoFi Bank. The fintech platform aims to utilize SoFiUSD for traditional finance applications, including cross-border payments and business-to-business transactions. SoFi plans to introduce features such as interest-earning tokenized deposits and FDIC-insured accounts. CEO Anthony Noto highlighted the company's goal to merge blockchain technology with regulated banking services, providing customers with the trust and security associated with a nationally chartered bank. The launch comes as the market for stablecoins is expanding, with SoFi positioning itself to compete with established crypto-native issuers by offering regulatory oversight and security. Full availability of SoFiUSD is expected by early June as users update the app.