SoFi Technologies Debuts Stablecoin on Major Blockchains

SoFi Technologies has made significant strides in the financial technology sector by launching its stablecoin, SoFiUSD, on both Ethereum and Solana blockchains. The launch of this bank-issued stablecoin is noteworthy as it marks the first time a US national bank-issued stablecoin is available on a traditional banking platform.

SoFiUSD maintains a 1:1 valuation with the US dollar, meaning its value remains tied to the dollar and does not fluctuate like other cryptocurrencies. The stablecoin operates on both Ethereum (ETHUSD) and Solana (SOLUSD) blockchains, ensuring seamless transactions and flexibility for users.

The launch of SoFiUSD is made possible by the federal regulatory framework established by the GENIUS Act last year. This legislation created guidelines for payment stablecoins and paved the way for federally chartered institutions to enter the market.