SoFi Bank Becomes First National Bank to Launch Stablecoin in Consumer App

SoFi Technologies has become the first US national bank to launch a stablecoin directly inside a consumer banking app. On May 27, the fintech company rolled out SoFiUSD, giving its roughly 14.7 million members the ability to buy, sell, and hold the dollar-pegged token without ever leaving the SoFi ecosystem.

Issued by SoFi Bank, N.A.-a chartered institution regulated by the Office of the Comptroller of the Currency-SoFiUSD distinguishes itself from Tether and Circle’s USDC. It’s not issued by a standalone crypto firm but by a federally supervised national bank.

SoFiUSD lives on the Ethereum blockchain and is also available on Solana. It is redeemable 1:1 for US dollars, backed by liquid assets, and subject to regular independent attestations. Within days of launch, its market cap on Ethereum surpassed $100 million.

SoFi Bank’s national charter means full OCC oversight, capital requirements, and strict compliance obligations. The launch builds on groundwork laid in December 2025, when the company first introduced stablecoin functionalities. SoFi already supports trading of nearly 30 digital assets.

SOFI stock jumped 5-7% on the news.

JPMorgan has JPM Coin for institutional transfers, but no major bank had previously placed a stablecoin in a retail app. Circle and Tether dominate the market as first movers but lack millions of retail banking relationships-an advantage SoFi now holds.