SoFi has launched SoFiUSD, a bank-issued dollar stablecoin that is now available directly inside its app. The token, built on Ethereum and Solana, gives the fintech's roughly 15 million users a regulated stablecoin option without leaving the platform. It's the latest push by a digital bank to offer native crypto services to a large retail base.
A bank-backed stablecoin
SoFiUSD is issued by SoFi, not by a separate crypto firm. That makes it a rare stablecoin that comes from a regulated financial institution. The company says the token is fully dollar-backed, though it hasn't published a reserve breakdown yet. For users, that means they can hold and transact a stablecoin inside an app they already use for banking and loans.
Where it runs
SoFiUSD supports Ethereum and Solana. That's a common pair for stablecoins looking for both reach and speed. Ethereum gives it access to a vast DeFi ecosystem; Solana offers low-cost, fast transfers. SoFi's app will handle custody and on-ramps directly, so users don't need a separate wallet or exchange account.
Who gets access
The stablecoin reaches nearly 15 million users — SoFi's entire customer base. That's a big distribution advantage. Most stablecoins require users to sign up on a crypto exchange first. SoFi's existing banking relationship means anyone with the app can start using SoFiUSD right away. The company hasn't said whether it plans to expand the token to outside wallets or other platforms.
For now, SoFiUSD is live. The timing isn't accidental: stablecoin competition is heating up as regulators circle and traditional finance moves in. SoFi's bet is that its users will prefer a dollar token from the same company that handles their paycheck and savings account.
