SoFi Launches SoFiUSD Stablecoin for 15M Members on Ethereum and Solana

On Wednesday, SoFi Technologies became the first U.S. national bank to launch a bank-issued stablecoin directly within a consumer banking app. SoFiUSD is now available for nearly 15 million members to buy, sell, hold, and convert inside the SoFi app.

The token is redeemable 1:1 for U.S. dollars, backed by liquid assets held by SoFi Bank, and runs on both Ethereum and Solana blockchains. Independent auditors will conduct regular attestations of reserves. SoFi noted that while bank-grade backed, SoFiUSD itself is not FDIC-insured and carries inherent digital asset risk.