What is SoFiUSD and who issues it?

SoFiUSD is a dollar-backed stablecoin issued by SoFi Bank, N.A., the first U.S. nationally chartered retail bank to do so on a public blockchain.

How is SoFiUSD backed and regulated?

SoFiUSD is fully reserved and backed 1:1 by cash held at the Federal Reserve. It operates under the U.S. GENIUS Act framework and OCC/FDIC guidance.

What will SoFiUSD be used for?

SoFiUSD will be used for internal settlements, crypto trading, card network settlements, merchant payments, international remittances, and potentially as a dollar balance for international users.

Home / Business and Economy / SoFi Bank Launches Dollar Stablecoin on Public Blockchain

SoFi Bank Launches Dollar Stablecoin on Public Blockchain

20 Dec

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Summary

SoFi Bank is the first US nationally chartered bank to issue a stablecoin.
SoFiUSD is fully reserved, backed 1:1 by cash at the Federal Reserve.
The stablecoin supports settlements for crypto, payments, and remittances.

SoFi Bank Launches Dollar Stablecoin on Public Blockchain

SoFi Bank has achieved a significant milestone by becoming the first U.S. nationally chartered retail bank to issue a dollar-backed stablecoin on a public, permissionless blockchain. Named SoFiUSD, this new digital asset is fully reserved and directly issued by SoFi Bank, N.A., which is an OCC-regulated and FDIC-insured institution. The stablecoin is backed one-to-one by cash reserves held at the Federal Reserve, ensuring immediate redemption without credit or liquidity risks.

The launch signifies a pivotal moment as regulated U.S. banks increasingly integrate blockchain-based payment instruments. This move follows the passage of the GENIUS Act in July 2025, establishing a federal framework for payment stablecoins. This legislation, along with updated guidance from the OCC and FDIC, has provided regulatory clarity, allowing insured depository institutions to issue stablecoins under strict requirements after years of uncertainty.