SoFi Technologies, the publicly traded US neobank, has begun offering its own bank-issued stablecoin, SoFiUSD, directly inside its mobile banking app. The move gives the company's 14.7 million members the ability to buy, sell, hold, and convert the token without leaving the app. Full availability is expected at a later date that the company hasn't yet specified.
What the stablecoin does inside the app
SoFiUSD is a stablecoin — a type of cryptocurrency designed to hold a steady value, typically one-to-one with the US dollar. SoFi issues the token itself, a step that fewer US banks have taken. Inside the app, members can now swap fiat dollars for SoFiUSD, send it, or convert it back. The feature effectively adds a native crypto rail to the banking experience without forcing users to open a separate wallet or exchange account.
The company hasn't detailed the underlying reserve structure for SoFiUSD, nor has it said whether the token operates on a specific blockchain. Those details may emerge as the rollout progresses.
Why a neobank issues its own stablecoin
For SoFi, issuing a branded stablecoin opens up a few possibilities. It lets the bank keep transaction fees and float inside its own ecosystem rather than routing payments through third-party stablecoins like USDC or USDT. It also gives SoFi more control over compliance and reporting — a concern that regulators have flagged repeatedly as stablecoin use grows.
SoFi already offered crypto trading in its app, but that meant relying on outside tokens. With SoFiUSD, the bank owns the asset. That could simplify how it handles payments, lending, or even interest-bearing products down the road, though SoFi hasn't announced any such plans.
Full rollout still ahead
Right now, SoFiUSD is live for members who meet the app's eligibility criteria. The company says full availability is coming, but it hasn't set a public deadline. For the 14.7 million users who don't yet have access, the wait is open-ended.
SoFi is one of the few US publicly traded banks to launch its own stablecoin. The decision puts it in a small group of financial firms experimenting with proprietary digital dollars — a space that regulators at the state and federal level are still watching closely. Whether SoFiUSD gets wider adoption among its user base, or draws more scrutiny from banking overseers, will become clearer once the stablecoin reaches everyone.
