SoFi Technologies (NASDAQ: SOFI), a Fintech firm that has gradually transformed into a more comprehensiv national bank, has taken a significant step in bridging traditional finance and blockchain by making its dollar-backed stablecoin, SoFiUSD, available to nearly 15 million members directly inside its standard mobile app. The update, announced recently this month on May 27, 2026, marks the first time a federally chartered U.S. bank has rolled out a stablecoin to its full retail customer base on a public blockchain.
SoFiUSD is issued by SoFi Bank, N.A.—an OCC-regulated national bank—with reserves held 1:1 in cash or highly liquid cash equivalents.
This structure supports immediate redemption at par for US dollars. The token is now live on Ethereum and Solana, allowing users to buy, sell, hold, and transfer it seamlessly within the familiar SoFi app rather than through a third-party crypto platform.
What makes the launch particularly noteworthy is SoFi’s decision to offer both a stablecoin and a tokenized deposit product side by side.
The stablecoin version provides true on-chain portability: it can be sent to any wallet or exchange globally, 24/7/365, with near-instant settlement and minimal fees.
However, it carries no interest and lacks FDIC insurance. In contrast, the upcoming tokenized deposit stays within SoFi’s ecosystem, earns yield, and qualifies for FDIC protection—but cannot be transferred externally.
Users will be able to swap between the two instantly, giving them flexibility to choose between mobility and safety/returns depending on their needs.
This approach directly addresses two longstanding frictions in digital dollars. First, it enables genuine 24/7 global payments and transfers without the delays of traditional banking rails or correspondent networks.
Second, because the stablecoin is issued and backed directly by a regulated bank with access to Federal Reserve liquidity, it aims to maintain a tighter peg to the dollar than many crypto-native stablecoins, which have occasionally traded at a discount during stress events.
SoFi Technologies is not stopping at retail access. The company has been building institutional infrastructure for months, including a “Big Business Banking” initiative launched in April with partners such as Cumberland, Wintermute, Galaxy, BitGo, Mastercard, and Bullish.
Mastercard is integrating SoFiUSD into its Multi-Token Network to support card settlement.
Bullish, SoFi’s initial centralized exchange partner, recently agreed to acquire global transfer agent Equiniti for $4.2 billion—signaling deeper ambitions in institutional tokenization and record-keeping.
In the coming weeks, SoFi plans to roll out the ability for members to convert SoFiUSD into tokenized deposits, expand cross-border blockchain transfers, and deepen liquidity through the Bullish partnership.
The stablecoin is supported by independent attestations from a US-licensed CPA firm, adding a layer of transparency expected from a bank-regulated product.
The launch has drawn attention for its pragmatic design. Rather than forcing users into a purely crypto-native experience or a fully closed banking product, SoFi is giving customers recognizable banking features (interest, insurance) alongside blockchain advantages (speed, global reach, composability). This hybrid model could prove influential as other banks and fintechs explore tokenized deposits and stablecoins.