SoFi rolls out stablecoin to banking app

SoFi has launched its dollar-backed stablecoin, SoFiUSD, making it the first U.S. national bank to offer such a digital asset directly to retail customers on a public blockchain. Nearly 15 million SoFi members can now buy, sell, hold, and convert SoFiUSD within the banking app, with each token redeemable 1:1 for U.S. dollars. This move integrates blockchain-based payments with regulated banking services, aiming for use cases beyond crypto trading, such as cross-border payments and B2B transactions. Future plans include interest-earning tokenized deposits and FDIC insurance, positioning SoFiUSD as a trusted alternative to crypto-native stablecoins.