SoFi launches bank-issued stablecoin for 15 million users
SoFi becomes the first US national bank to offer a stablecoin directly to retail customers on a public blockchain, making SoFiUSD available to nearly 15 million users via its banking app.
SoFi has launched its dollar-backed stablecoin, SoFiUSD, to users of its banking app, becoming the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain. The company announced Wednesday that nearly 15 million members can now buy, sell, hold and convert SoFiUSD within the SoFi app. The stablecoin is available on Ethereum (ETH) and Solana (SOL) and is redeemable 1:1 for U.S. dollars through SoFi Bank.
This move marks a significant step in the integration of traditional banking with digital assets. By offering a bank-issued stablecoin, SoFi provides a regulated on-ramp for retail investors to access crypto markets. For cryptocurrency traders, the availability of a stablecoin backed by a national bank could enhance liquidity and trust in the stablecoin ecosystem. It also signals growing institutional acceptance, which may positively impact market sentiment. For real-time pricing of SoFiUSD and other digital assets, traders can refer to NowPrice's live crypto quotes.
The launch comes as U.S. lawmakers and regulators move closer to establishing clear rules for stablecoins. This regulatory clarity could encourage more banks to issue their own stablecoins, potentially reshaping the payments landscape. Market participants will watch for further adoption by other financial institutions and any updates on stablecoin legislation. The expansion of bank-issued stablecoins may also influence the competitive dynamics among existing stablecoin issuers like Tether and Circle.