Home / Business and Economy / SoFi Launches Own Stablecoin for Members
SoFi Launches Own Stablecoin for Members
8 Jun
Summary
- SoFi introduced its own stablecoin, SoFiUSD, for members.
- The stablecoin is backed by liquid assets and redeemable for USD.
- SoFiUSD is initially available on Ethereum and Solana networks.
SoFi Technologies Inc. has introduced its proprietary stablecoin, SoFiUSD, expanding its financial product offerings. This new digital asset is now accessible to the company's almost 15 million members through its banking application. Members can purchase, sell, or hold the SoFiUSD directly within the app, integrating it with other services like saving, investing, and borrowing.
The SoFiUSD stablecoin is designed for stability and fast transactions. It is fully backed by liquid assets, ensuring a one-to-one redemption for US dollars. Initially, the stablecoin is available on the Ethereum and Solana blockchain networks, with plans to support additional blockchains in the future.
