SoFi Launches Bank-Backed Stablecoin for Everyday Finance

SoFi Technologies has made a significant move in the cryptocurrency market by launching its bank-backed stablecoin, SoFiUSD. The company claims that this new token is designed to provide a more tightly controlled alternative to existing stablecoin structures.

The SoFiUSD stablecoin is backed entirely by cash held at the Federal Reserve and undergoes regular CPA attestations to verify reserves on an ongoing basis. This combination of reserve-backed issuance model and FDIC-insured status gives SoFi a different profile in a market where trust, oversight, and reserve quality remain major points of attention.