SoFi Enters the Stablecoin Race With SoFiUSD

SoFi’s launch of SoFiUSD marks a notable moment in the adoption of stablecoins, not because it comes from a fintech startup, but because it comes from a nationally chartered bank. Issued by SoFi Bank, N.A., SoFiUSD represents one of the clearest examples yet of a traditional bank embracing stablecoins at scale.

SoFiUSD launched on Ethereum and is backed 1:1 by cash and high-quality liquid assets. SoFi has indicated that support for additional blockchains may follow.

SoFiUSD will initially focus on payments, transfers, and internal settlement, including crypto trading and peer-to-peer transactions within the SoFi ecosystem. Longer term, SoFi has positioned the stablecoin as financial infrastructure that could also be used by other banks, fintechs, and enterprise partners seeking on-chain dollar settlement without building their own issuance stack.

While SoFi has not yet announced an interest-bearing version of SoFiUSD, company statements and broader industry context suggest yield is likely part of the roadmap. As a bank with direct access to deposits, Treasury instruments, and regulated yield-generation mechanisms, SoFi is well positioned to offer competitive stablecoin-based yield products over time.

As more banks adopt stablecoins, competition is likely to shift toward reserve management, yield sharing, and deeper integration with everyday banking products.

SoFiUSD reinforces the idea that stablecoins are no longer just for crypto-native users. They are becoming bank-native instruments, and over time, that shift could redefine how people earn, store, and move dollars on-chain.