SoFi Technologies has selected BitGo Bank & Trust as its technology and infrastructure partner for its new SoFiUSD stablecoin. BitGo's platform will enable SoFi to issue SoFiUSD on a public blockchain, combining regulated banking with blockchain efficiency.
BitGo will also provide distribution support, collaborating with payment providers and exchanges to facilitate institutional access. SoFiUSD functions as a tokenized bank deposit, allowing near-instantaneous value transfer across public blockchains. The token is designed for enterprise settlement, fintech integration, and payment applications.
This partnership highlights the growing convergence of traditional banking and blockchain payment systems, with stablecoins becoming crucial for crypto market operations and cross-border transactions.