SoFi Expands Financial Offerings with Launch of US Dollar Stablecoin

FinTech company SoFi has expanded its offerings with the launch of its SoFiUSD stablecoin, now available to all 14.7 million users of its consumer app. The US dollar stablecoin is a regulated-bank issued product, offering an alternative to traditional banking and investing services.

SoFiUSD is a 1:1 redeemable stablecoin, backed by liquid assets supporting outstanding supply, and includes regular independent CPA attestations. This move marks a significant development in the stablecoin market, as banks begin to bring their own rails inside regulated financial apps.

The launch of SoFiUSD allows users to buy, sell, and hold the stablecoin within the same platform they use for banking, investing, borrowing, and crypto access. The product is currently available directly through SoFi's banking platform, with full availability expected by early June as users update to the latest version of the app.