SoFi has rolled out SoFiUSD, a dollar-backed stablecoin, to nearly 15 million users of its banking app-marking the first time a U.S. national bank has offered a stablecoin directly to retail customers on a public blockchain.
The stablecoin is available on Ethereum and Solana and is redeemable 1:1 for U.S. dollars through SoFi Bank.
A SoFi spokesperson said the company sees the larger opportunity outside crypto markets, targeting cross-border payments and B2B transactions rather than just DeFi and crypto trading.
CEO Anthony Noto emphasized combining blockchain-based payments with regulated banking inside a single platform.
Future updates will allow users to convert SoFiUSD into tokenized deposits that may earn interest and qualify for FDIC insurance. The company also plans to support 24/7 cross-border transfers and institutional trading through crypto exchange Bullish.
Full availability is expected by early June.