SoFi Technologies launched SoFiUSD, a dollar-backed stablecoin available to its members through the company's consumer banking app on Wednesday [1, 2].
This move signals a significant shift in how traditional digital banking integrates with cryptocurrency. By offering a bank-issued stablecoin, SoFi is attempting to bridge the gap between regulated fiat currency and the decentralized finance ecosystem for a mass-market audience.
The new asset maintains a 1:1 peg to the U.S. dollar [3]. Users can buy, sell, hold, and convert SoFiUSD back into traditional dollars within the app [1, 2]. The company said that users will eventually be able to earn yield on their stablecoin holdings [1, 2].
Roughly 15 million U.S. members have access to the tool [2]. The rollout began on Tuesday, May 28, following the initial announcement [2, 4].
Reports regarding the technical infrastructure of the coin vary. Some sources indicate the token is issued on both Ethereum and Solana [5], while other reports state that SoFiUSD will initially launch on Ethereum only [1].
SoFi is leveraging the regulatory framework provided by the GENIUS Act to expand its crypto product suite and capture consumer demand for digital assets [5, 4].
"This is what GENIUS enabled," Ji Kim said [5].
"We are excited to bring crypto trading and stablecoin capabilities to our members," a SoFi spokesperson said [5].
“"This is what GENIUS enabled,"”
The launch of SoFiUSD represents a strategic move by a fintech lender to institutionalize stablecoins within a regulated banking environment. By utilizing the GENIUS Act, SoFi is positioning itself to capture the liquidity and utility of blockchain assets while maintaining the trust associated with a banking charter, potentially challenging the dominance of non-bank stablecoin issuers.
