SoFi announced it now supports direct Solana (SOL) network deposits, allowing its 13.7 million users to transfer SOL from external wallets into their SoFi crypto accounts without going through a third-party exchange.
The bank describes itself as the first nationally chartered US bank where customers can buy, sell, and hold cryptocurrency directly within a single banking application. The rollout is gradual and will expand to more members over the coming weeks.
The distinction from brokerage-style crypto exposure matters technically. Existing bank crypto products typically give customers price exposure only - they cannot move tokens on-chain or withdraw to external wallets.
SoFi's integration generates unique Solana deposit addresses tied to each user's account, enabling wallet-to-wallet transfers that settle on-chain in seconds, within a federally regulated banking environment.
What SoFi Is
SoFi launched in 2011 as a student loan refinancing platform and later obtained a national bank charter.
It now holds over $50 billion in assets, making it a mid-sized institution by US standards - significantly smaller than JPMorgan or Bank of America, but among the larger digital-first banks in the country.
The bank also has a stablecoin, SoFiUSD, launched earlier this year and backed by US Treasury bills, cash, and repurchase agreements. It is built on Ethereum as an ERC-20 token.
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Regulatory Context
Digital assets held with SoFi are not FDIC-insured, and the bank operates under federal oversight that governs any digital asset services it offers.
The announcement arrives as US banking regulators continue evaluating frameworks for digital asset custody and settlement. No other nationally chartered US bank currently offers direct on-chain deposits on a public blockchain at comparable scale, according to available reporting.
Citi and Morgan Stanley announced Bitcoin (BTC) custody plans last week but have not enabled on-chain user deposits. For Solana, the SoFi integration opens access for a large retail banking audience that may not maintain separate crypto exchange accounts.
SOL was trading near $81 on Saturday, down roughly 5% in 24 hours, according to CoinMarketCap data, reflecting broader market pressure from the US-Iran military escalation.
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