SoFi Introduces Dollar-Backed Stablecoin to 15 Million Users

SoFi, a US national bank, has introduced its dollar-backed stablecoin, SoFiUSD, to nearly 15 million users of its banking app. This move marks the first time a major bank has offered a stablecoin directly to retail customers on a public blockchain.

The stablecoin is available on both Ethereum (ETH) and Solana (SOL) blockchains, allowing users to buy, sell, hold, and convert SoFiUSD within the SoFi app. Users can redeem their SoFiUSD for US dollars through SoFi Bank, providing a seamless experience.

SoFi sees this as an opportunity to expand beyond traditional crypto markets, with plans to enable 24/7 cross-border transfers and trading access through crypto exchange Bullish for institutional clients in the future. Additionally, users will be able to convert their SoFiUSD into tokenized deposits that may earn interest and qualify for FDIC insurance.