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SoFi Bank Unveils Dollar-Pegged Stablecoin
29 May
Summary
- SoFi Bank has launched SoFiUSD, a US dollar-pegged stablecoin for its members.
- SoFiUSD is redeemable one-to-one for US dollars held by SoFi Bank.
- Future plans include earning interest and FDIC insurance on stablecoin holdings.
SoFi Bank has launched SoFiUSD, a U.S. dollar-pegged stablecoin available to its 15 million members through the SoFi app. This marks a significant milestone as it is the first stablecoin issued by a U.S. national bank directly on a banking platform.
Each SoFiUSD is redeemable one-to-one for U.S. dollars from SoFi Bank, which maintains liquid assets to back all outstanding tokens. The stablecoin is currently accessible on the Ethereum and Solana networks, with plans for further network expansions.
Looking ahead, SoFi intends to enable members to convert their SoFiUSD holdings into tokenized deposits, offering interest earnings and FDIC insurance. The company also plans to facilitate cross-border transfers and list SoFiUSD on the Bullish exchange for institutional clients.
This initiative places SoFi at the convergence of traditional banking and blockchain technology. The company reported $1.09 billion in revenue, a 42.6% year-over-year increase, and earnings per share of $0.12 in its most recent quarter.
