SoFi said Thursday it will launch a new business banking platform designed to let businesses handle both traditional currencies and cryptocurrencies in one place, as the company moves deeper into digital assets.
The service, called SoFi Big Business Banking, allows businesses to hold U.S. dollars, convert them into stablecoins and move funds around the clock, all within SoFi-regulated banks.
Today, companies working in cryptocurrencies often rely on a series of providers: a bank for cash, an independent stablecoin company and another custodian company. Transferring funds between them can take hours or days. SoFi says it’s working to streamline the process.
“To remain competitive, today’s businesses must… operate 24 hours a day, seven days a week,” SoFi CEO Anthony Noto said in a press release, comparing the platform to traditional banking hours.
Under the new system, trading firms can deposit U.S. dollars into SoFi, convert them into digital tokens such as SoFiUSD, and immediately put the funds into the market without waiting for bank wires to clear. Funds can flow back into dollars just as quickly.
The platform includes major crypto companies as early partners, including Cumberland, Wintermute, Galaxy (GLXY), BitGo (BTGO) and CoinDesk parent Bullish (BLSH). The companies, which handle trading, liquidity and asset custody, are expected to use the system to move funds and settle trades more efficiently.
A core part of the product is SoFiUSD, a stablecoin that can be created and redeemed within the bank. Unlike many stablecoins issued outside the U.S. banking system, SoFi’s version is directly tied to a regulated balance sheet, with reserves held internally.
The platform will also use blockchain networks including Solana (SOL) to process transactions.
The launch reflects a broader shift in finance, as banks and cryptocurrency companies become increasingly connected.
Companies are increasingly trying to merge traditional banking operations with blockchain-based infrastructure rather than operating as separate systems. If successful, SoFi’s approach could reduce the need for multiple intermediaries and make it easier for large companies to move money around the world.