SoFi Launches SofiUSD Stablecoin
A press release titled, "SoFiUSD Becomes the First Stablecoin Issued by a US National Bank to Launch on a Banking Platform," tells us, "SoFi Technologies, Inc. (SOFI) ... announced that SoFiUSD, a bank-issued U.S. dollar stablecoin, is available for SoFi members to buy, sell, hold, and convert directly within the SoFi app. This marks the first time that a U.S. national bank-issued stablecoin is available directly on a banking app. By expanding SoFiUSD to its nearly 15 million members, SoFi is building the bridge between traditional banking and digital assets. By integrating blockchain technology within its banking ecosystem, SoFi is helping to make digital financial tools more accessible, practical, and trustworthy." Anthony Noto, CEO of SoFi, comments, "At SoFi, we believe we can combine the speed and versatility of the blockchain with the trust of a bank to improve how money moves around the world. People no longer have to choose between blockchain technology and regulated banking products. With SoFiUSD, we're giving our members a single place to buy, hold, and pay with digital assets in the same app they already use to save, spend, borrow, and invest." The release says, "SoFiUSD is the first stablecoin issued by a U.S. national bank and offers: 1:1 Redemption: SoFiUSD is redeemable 1:1 for U.S. dollars from SoFi Bank. SoFi Bank maintains liquid assets to support all outstanding SoFiUSD. Bank-Grade Safeguards: Members benefit from the transparency of a regulated institution, including regular attestations that are performed by an independent Certified Public Accountant (CPA) licensed in the United States. Multi-Chain Flexibility: SoFiUSD is available on Ethereum and Solana -- two of the largest networks for digital asset transactions – with additional networks being added. Today's launch is the first phase of a broader roadmap to integrate stablecoin utility across the entire SoFi ecosystem." It adds, "In the coming weeks, SoFi plans to rapidly add to their product offering by: Building the ability for SoFi members to convert SoFiUSD into tokenized deposits, allowing members to earn interest and access FDIC insurance on the deposits. Separate deposit account terms will apply. Offering global mobility on the blockchain, by allowing SoFi members to move value across borders 24/7/365, with fewer delays and lower costs than typical legacy financial systems. Launching SoFiUSD on its first centralized exchange partner, Bullish, to provide seamless trading for institutional clients. This relationship further supports stable pricing and efficient execution for high-volume trades." Finally, the release states, "SoFiUSD is built to help bridge the gap between the flexibility of a stablecoin and the stability of a bank. It is supported by deep institutional liquidity and efficient execution, helping promote stable pricing and reliable high-volume trading for all members. Members can access SoFiUSD starting today, with full availability expected by early June as users update to the latest version of the SoFi app."
