SoFi Technologies has turned on its stablecoin settlement service for commercial clients, the company announced during its second-quarter earnings call Wednesday. The move lets business customers move money in real time using SoFiUSD, the firm's own dollar-pegged digital token.
What the stablecoin does
SoFiUSD is a stablecoin — a cryptocurrency designed to hold a steady value of $1. SoFi says the settlement system now live for commercial clients allows instant transfers, bypassing the delays typical of traditional bank wires or ACH payments. The company didn't disclose which commercial clients are using the service or how much volume has been processed so far.
The announcement came as part of SoFi's broader earnings report. The fintech firm, which started as a student loan refinancer and later added banking, investing, and crypto products, has been pushing deeper into digital assets. SoFiUSD was launched last year and is issued by SoFi's crypto arm.
SoFi's member base and crypto strategy
SoFi now counts 15.8 million members, up from 14.7 million a year earlier. The company has been using its growing user base to cross-sell financial products, including crypto trading and now stablecoin settlement for businesses. The stablecoin service is aimed at companies that need faster payment rails — think payroll providers, gig economy platforms, or any firm that moves money frequently.
SoFi's crypto offerings have been a point of regulatory attention. The company previously halted crypto trading for new users in some states after regulatory pushback. But the stablecoin settlement service appears to be a different play — it's focused on commercial clients rather than retail traders, and it uses SoFi's own stablecoin rather than third-party tokens.
SoFi didn't say whether it plans to expand the stablecoin settlement service to retail customers or to other stablecoins. The company also didn't provide a timeline for when commercial clients might see additional features. For now, the service is live, and SoFi is betting that real-time settlement will attract businesses tired of waiting days for funds to clear.
