SoFi brings bank-issued stablecoin to 15 million users in crypto push
Key takeaways
- The fintech platform says its dollar-backed stablecoin will let members trade, transfer and eventually earn yield through its banking app.By Helene Braun|Edited by Stephen Alpher May 27, 2026, 11:00 a.m.
- The company said Wednesday that nearly 15 million members will be able to buy, sell, hold and convert SoFiUSD within the SoFi app.
- The launch marks a broader push by banks into blockchain-based payments as lawmakers and regulators move closer to establishing rules for stablecoins in the U.S.
The fintech platform says its dollar-backed stablecoin will let members trade, transfer and eventually earn yield through its banking app.By Helene Braun|Edited by Stephen Alpher May 27, 2026, 11:00 a.m. 2 min read Make preferred on What to know: So Fi has launched So Fi USD, a dollar-backed stablecoin on Ethereum and Solana, becoming the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain.Nearly 15 million SoFi members can now buy, sell, hold and convert SoFiUSD in the app, with each token redeemable 1:1 for U.S. dollars through SoFi Bank.SoFi says it aims to use SoFiUSD for traditional finance use cases like cross-border payments and B2B transactions, and plans future features including interest-earning tokenized deposits, FDIC-insured accounts and 24/7 cross-border transfers.SoFi has rolled out 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 said Wednesday that nearly 15 million members will be able to 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.
The launch marks a broader push by banks into blockchain-based payments as lawmakers and regulators move closer to establishing rules for stablecoins in the U.S. Stablecoins are digital tokens designed to maintain a fixed value, usually pegged to the dollar. The market is currently dominated by crypto-native issuers Tether’s USDT and Circle’s USDC, which are widely used in crypto trading and decentralized finance.