SoFi Partners with BitGo to Launch Stablecoin Infrastructure

SoFi Technologies has announced a strategic partnership with BitGo Bank & Trust to support the distribution of its SoFiUSD stablecoin. The regulated banking solution will combine traditional banking infrastructure with blockchain efficiency, enabling secure and scalable issuance of the stablecoin.

The partnership will see BitGo provide technology and operational infrastructure for the issuance of SoFiUSD on a public, permissionless blockchain. This will facilitate institutional access and integration of the stablecoin across the digital asset ecosystem, including collaborations with payment providers, exchanges, and market participants.

SoFiUSD is designed to function similarly to a tokenized bank deposit, allowing holders to redeem the asset on demand while transferring value across public blockchains near-instantaneously. The stablecoin will be suitable for enterprise settlement, fintech platform integration, and payment applications across SoFi and its Galileo Financial Technologies infrastructure.

The partnership signals a growing convergence between traditional banking infrastructure and blockchain-based payment rails, with stablecoins emerging as essential plumbing for crypto markets. Global stablecoin market capitalization has expanded greatly as institutional participants increasingly recognize the utility of dollar-denominated tokens operating on blockchain networks.