SoFi Bank launched SoFiUSD on December 18, becoming the first U.S. national bank to issue a stablecoin on a public blockchain.
The bank's move positions the FDIC-insured institution as infrastructure provider for banks and fintech firms seeking faster payment settlement.
SoFiUSD is initially available for internal use, with broader access to SoFi's members expected in coming months.
What Happened
SoFi's stablecoin launched on Ethereum with full 1:1 backing by cash reserves held at the Federal Reserve.
The company said the stablecoin enables 24/7 settlement at "fractional-cent pricing" for institutional partners.
SoFi Bank's infrastructure allows partners to issue white-label stablecoins or integrate SoFiUSD directly into their payment systems.
CEO Anthony Noto described blockchain as a "technology super cycle" that will fundamentally change finance beyond just payments.
The launch follows SoFi's November re-entry into crypto trading, when the bank began allowing customers to trade approximately 30 cryptocurrencies.
SoFi differs from crypto-native stablecoin issuers by operating under OCC supervision as a nationally chartered depository institution.
Read also: Visa Brings Circle's USDC Stablecoin Settlement to U.S. After $3.5B Pilot
Why It Matters
SoFi's stablecoin distinguishes itself through regulatory positioning rather than technical innovation.
As a chartered bank with Federal Reserve access, SoFi can hold reserves directly at the Fed, eliminating intermediary credit risk.
The launch comes one week after the OCC granted conditional approval to five crypto firms for national trust bank charters, including Circle (USDC) and Ripple (XRP).
Those approvals create a parallel path for crypto-native companies to achieve federal oversight without becoming deposit-taking banks.
SoFi's white-label strategy targets banks uncomfortable issuing stablecoins themselves but seeking blockchain-based settlement.
The company did not disclose which partners have committed to using SoFiUSD or provide adoption timelines.
SoFi shares trade around $25, up approximately 75% over six months.
The stablecoin will integrate with SoFi Pay for international remittances and could serve Galileo's partners processing billions in transactions.
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