SoFi has rolled out SoFiUSD, a dollar-backed stablecoin live on Ethereum and Solana, to its roughly 15 million app members. The Wednesday launch makes SoFi the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain, with each token redeemable 1:1 for U.S. dollars through SoFi Bank. Members can now buy, sell, hold and convert SoFiUSD inside the SoFi app, with full availability expected by early June as users update to the latest app version. CEO Anthony Noto framed the launch as a merger of regulated banking and blockchain rails, calling it the moment “people no longer have to choose between blockchain technology and regulated banking products.”
A stablecoin is a digital token designed to maintain a fixed value, almost always pegged 1:1 to the U.S. dollar and backed by cash or short-term Treasuries.
Key takeaways
- First retail bank stablecoin on public chains: SoFi is the first U.S. nationally chartered bank to put a stablecoin into the hands of retail customers via Ethereum and Solana.
- 15 million potential users: SoFi’s nearly 15 million members can buy, hold and convert SoFiUSD inside the standard banking app, 1:1 redeemable through SoFi Bank.
- Roadmap beyond trading: SoFi plans tokenized deposits that may earn interest and qualify for FDIC insurance, 24/7 cross-border transfers, and institutional access through crypto exchange Bullish.
- Target market is TradFi, not crypto: A SoFi spokesperson said the company sees the bigger opportunity in B2B and cross-border payments, not DeFi trading.
Published: May 27, 2026, 15:00 UTC
Why a bank is shipping a stablecoin now
SoFi first unveiled SoFiUSD in December 2025 as an enterprise payments product, citing speed and cost advantages of Solana settlement. Wednesday’s rollout extends the same token to consumers, packaged inside the existing SoFi banking app rather than a separate crypto wallet. The move arrives as Congress and federal regulators tighten the framework for U.S. stablecoin issuance under the GENIUS Act, opening the door for federally chartered banks to issue tokens without forming a separate trust company.
The stablecoin market today is dominated by crypto-native issuers. Tether’s USDT and Circle’s USDC together account for the vast majority of the roughly $300 billion in circulating stablecoin supply, mostly used for trading and decentralized finance. SoFi is betting that bank-issued tokens can win a different market: payroll, B2B settlement, and remittances inside regulated channels.
“The use of stablecoins in traditional finance is still incredibly small today,” a SoFi spokesperson told CoinDesk. “Historically, stablecoins have been used for DeFi and crypto trading, but not for use cases like cross-border payments or B2B transactions.”
What changes for SoFi users on day one
For now, the consumer feature set is narrow. Members can convert dollars to SoFiUSD, transfer the token across Ethereum or Solana, hold it inside the app, and redeem it back to dollars at par. The bigger features SoFi is selling, tokenized deposits with FDIC coverage and 24/7 cross-border transfers, are not live at launch. SoFi has flagged those as future updates, subject to separate account terms.
Institutional access is also coming separately. SoFi said it plans to offer SoFiUSD trading through Bullish, the digital asset exchange that also owns CoinDesk, giving treasuries and trading firms a regulated on-ramp into the token.
Impact on the stablecoin race
SoFi’s rollout is the most direct retail challenge yet to USDT and USDC, simply because it skips the crypto exchange step. A SoFi member who already deposits a paycheck can mint and burn a dollar token without ever creating a Coinbase or Binance account. That distribution advantage is what makes bank-issued stablecoins different from yet another fintech wrapper.
The same logic is pulling other banks into the sector. JPMorgan, Bank of New York Mellon and a consortium of regional lenders have all signaled stablecoin or tokenized deposit pilots in 2026. SoFi’s distinction is being first to put a public-chain token in front of millions of standard retail customers, not just institutional clients behind a permissioned ledger.
Regulatory angle
SoFi holds a national bank charter through SoFi Bank, N.A., acquired in 2022. That charter is the legal foundation for issuing SoFiUSD without a separate state money transmitter license stack, and it is the angle SoFi’s spokesperson hammered on Wednesday. “SoFiUSD competes by offering what crypto-native issuers cannot: the trust, security and oversight that comes with being a nationally chartered bank,” the spokesperson said.
The framework supporting that pitch is still being built. Reserve composition, redemption rights, and disclosure rules for bank-issued stablecoins remain partially defined under federal rulemaking, with the Office of the Comptroller of the Currency and the Federal Reserve still finalizing supervisory guidance. SoFi’s launch is effectively a live test of that emerging regime.
FAQ
What is SoFiUSD?
SoFiUSD is a dollar-backed stablecoin issued by SoFi Bank, available on the Ethereum and Solana blockchains. Each token is redeemable 1:1 for U.S. dollars through SoFi Bank. It launched for SoFi’s retail app members on May 27, 2026.
Who can use SoFiUSD?
Roughly 15 million SoFi app members can buy, sell, hold and convert SoFiUSD inside the SoFi banking app. Full availability is expected by early June 2026 as members update to the latest app version. Institutional clients will get access through the Bullish exchange.
How is SoFiUSD different from USDC or USDT?
USDC and USDT are issued by crypto-native firms Circle and Tether. SoFiUSD is issued by SoFi Bank, a U.S. nationally chartered bank. SoFi argues this gives it stronger trust and oversight signals for traditional finance use cases such as cross-border payments, B2B settlement and, eventually, FDIC-insured tokenized deposits.
