SoFi Launches Dollar-Backed Stablecoin for 15 Million Users
SoFi brings bank-issued stablecoin to 15 million users in crypto push

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SoFi has introduced SoFiUSD, a dollar-backed stablecoin, to nearly 15 million users on its banking app, enabling trading, holding, and conversion at a 1:1 rate with U.S. dollars. This move positions SoFi as the first U.S. national bank to offer a stablecoin to retail customers on public blockchains like Ethereum and Solana.
- 01SoFiUSD is redeemable 1:1 for U.S. dollars through SoFi Bank.
- 02The stablecoin is available on Ethereum and Solana, marking a significant step for traditional banks into blockchain technology.
- 03SoFi aims to use SoFiUSD for traditional finance applications such as cross-border payments and B2B transactions.
- 04Future features include tokenized deposits that may earn interest and FDIC insurance.
- 05SoFi CEO Anthony Noto emphasized the combination of blockchain technology with regulated banking services.
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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.
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The introduction of SoFiUSD could enhance the efficiency of payments and transactions for users, particularly in cross-border scenarios.
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