SoFi (SOFI) has launched SoFiUSD, a U.S. dollar stablecoin aimed at bringing faster and cheaper money flows to banking, fintech and enterprise platforms.
The token is issued by SoFi Bank, a state-chartered and FDIC-insured institution, making it the first U.S. national bank to provide open access to its stablecoin infrastructure.
Last month, JPMorgan launched JPM Coin, a deposit token on Base.
SoFiUSD is currently available for internal use and is expected to be rolled out more broadly to SoFi members in the coming months.
Unlike stablecoins issued by crypto-native companies, SoFiUSD is fully backed 1:1 by cash held by the Federal Reserve, meaning users can redeem immediately without facing credit or liquidity risk. The token exists on a public blockchain, allowing 24/7 movement of funds at near-instant speeds and low costs.
The infrastructure also opens the door for SoFi’s partners, including banks, card networks or software companies, to issue their own white-label stablecoins or plug SoFiUSD into their existing payment processes. The service relies on SoFi’s banking license and reserve model, which the company says gives it an advantage over less regulated stablecoin issuers.
“We’re leveraging the infrastructure we’ve built over the past decade and applying it to real-world challenges in financial services,” SoFi CEO Anthony Noto said in a statement. “Today’s companies are facing slow settlements, fragmented vendors and unproven reserve models. SoFi is helping to address these gaps.”
