SoFi Becomes First US Bank to Issue Public Stablecoin

SoFi Technologies, the one-stop shop for financial services, announced yesterday, December 17, that it has launched SoFiUSD. According to its announcement, this is the first fully-reserved US dollar stablecoin issued by SoFi Bank, N.A.

The firm went on to say that SoFiUSD will allow it to serve as a stablecoin infrastructure provider for banks, but also fintechs and enterprise platforms. They will be able to use SoFi’s bank-grade infrastructure to streamline operations and move money faster and more efficiently.

The company also said in a post on X that this is the future of on-chain settlement, highlighting that SoFi is the first nationally-chartered retail bank to issue a stablecoin on a public, permissionless blockchain. As such, it combined regulatory strength as a national bank with transparent, fully-reserved on-chain technology.

With this, SoFi is also bringing bank-grade oversight and reliability to firms interested in using stablecoin products and services who may have hesitated to join the crypto industry for various reasons.

“With SoFiUSD on a public, permissionless blockchain, partners can move funds around the clock with near-instant settlement at fractional-cent pricing. This enables them to manage liquidity with more confidence and deliver faster and more transparent services to their customers. SoFiUSD will also be available soon to all SoFi members,” the announcement reads.

The bank underlined SoFiUSD’s strengths, highlighting the fact that it was issued by an OCC-regulated entity, pointing out that it has institutional infrastructure, and its reserve transparency.

Details About The SoFiUSD Stablecoin

According to the statement, SoFiUSD is fully reserved 1:1 by cash for immediate redemption capability. SoFi can keep reserves in cash at its Federal bank account with zero liquidity risk or credit risk, and at the same time, generate attractive incentives to be shared with partners and holders of SoFiUSD.

Meanwhile, its institutional infrastructure will enable banks, fintechs, and enterprise partners to leverage SoFi’sregulatory, operational, and reserve framework, which will allow it to issue white-label stablecoins or integrate SoFiUSD into their settlement flows.

Commenting on the launch, SoFi’s CEO, Anthony Noto, said that blockchain is a technology super cycle that will fundamentally change finance – not just in payments, but across every area of money.

“With SoFiUSD, we’re using the infrastructure we’ve built over the last decade and applying it to real-world challenges in financial services. Companies today struggle with slow settlement, fragmented providers, and unverified reserve models. SoFi is helping address these gaps by combining our regulatory strength as a national bank with transparent, fully reserved on-chain technology to provide a safer and more efficient way for partners to move funds,“ he said.