SoFi embeds SoFiUSD stablecoin in banking app

SoFi has launched SoFiUSD inside its consumer banking app, making it the first U.S. national bank to integrate a dollar-pegged stablecoin directly into a consumer platform. Customers can buy, sell, hold, convert and redeem SoFiUSD at a 1:1 ratio for U.S. dollars. Initial support is on the public Ethereum and Solana blockchains.

The stablecoin is backed by liquid assets held by SoFi Bank and is redeemable through the bank at face value. SoFi Bank holds the reserves that underwrite the token and supports on-demand redemptions through customer accounts.

The capability is available in the consumer app now and will expand over the coming weeks as members update to the latest version. SoFi plans to list SoFiUSD on its institutional exchange partner, Bullish, to support larger trading flows and liquidity operations.

SoFiUSD will support blockchain-based payments and cross-border transfers. The company has said the token could enable future tokenized deposit features linked to FDIC-insured banking products.

Previous bank-issued blockchain projects largely focused on permissioned networks and tokenized deposits for interbank settlement and corporate treasury operations, serving institutional clients. Embedding the stablecoin in a consumer app used by nearly 15 million members places the token alongside everyday banking products.

Regulators and industry participants continue to discuss the role of stablecoins, tokenized deposits and blockchain payment systems within traditional banking. SoFi’s launch provides a retail-facing example for those ongoing discussions.