SoFi Unveils Stablecoin for Retail Customers on Blockchain

SoFi has made history by launching its dollar-backed stablecoin, SoFiUSD, on its banking app. This move marks a significant step in banks' entry into blockchain-based payments. The stablecoin is available on Ethereum and Solana blockchains and can be redeemed 1:1 for US dollars through SoFi Bank.

The launch of SoFiUSD allows nearly 15 million users to buy, sell, hold, and convert the stablecoin within the SoFi app. This move is part of a broader push by banks into blockchain-based payments as lawmakers and regulators work on establishing rules for stablecoins in the US.