SoFi has become the first U.S. nationally chartered retail bank to issue a dollar-backed stablecoin on a public blockchain, marking a major shift in how regulated banks engage with on-chain finance.
The company announced the launch of SoFiUSD, a fully reserved stablecoin issued by SoFi Bank, N.A., positioning the bank not only as a consumer-facing issuer but also as a stablecoin infrastructure provider for banks, fintechs, and enterprise platforms.
SoFiUSD is currently live for internal settlement and will be available to SoFi members in the coming months. Issued directly by an OCC-regulated and FDIC-insured national bank, the stablecoin is backed one-to-one by cash reserves held at the Federal Reserve, enabling immediate redemption while minimizing credit and liquidity risk.
The launch follows the passage of the GENIUS Act in July 2025, which established the first comprehensive federal framework for U.S. payment stablecoins. The law allows insured banks to issue stablecoins under strict reserve, disclosure, and supervisory rules, ending years of regulatory uncertainty that had previously limited bank participation in crypto services.
SoFi plans to use SoFiUSD for crypto trading settlement, card network payments, merchant transactions, and international remittances. The company also aims to support the stablecoin as a dollar-denominated balance for users in countries with volatile currencies.
The move comes amid rapid growth in the stablecoin market, now valued at over $300 billion, with projections exceeding $3 trillion by 2030. As adoption expands, U.S. regulators continue to formalize oversight, including recent FDIC guidance on stablecoin issuance under the GENIUS Act.
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