SoFi Technologies (NASDAQ: SOFI) has moved its stablecoin ambitions from announcement into live product, launching SoFiUSD directly inside its banking app.
The rollout targets nearly 15 million members, with full availability expected by early June as users update to the latest version of the app.
The company describes SoFiUSD as the first stablecoin issued by a U.S. national bank to become available directly on a banking platform.
Members can now buy, sell, hold and convert the dollar-backed token inside the SoFi app using the new functionality.
SoFiUSD is issued by SoFi Bank, N.A., which is regulated by the Office of the Comptroller of the Currency, and is designed to be redeemable 1:1 for U.S. dollars.
SoFi said the token is supported by liquid assets and regular attestations performed by an independent U.S.-licensed CPA.
The token is currently available on Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL), with additional blockchain networks planned for future access.
CEO Anthony Noto said SoFi wants to combine the speed of blockchain with “the trust of a bank,” adding that members should not have to choose between blockchain tools and regulated banking products.
The launch positions SoFi inside a broader race among banks, fintechs and payment firms that are testing blockchain rails as a practical settlement layer rather than a standalone crypto offering.
SoFi said it plans to allow members to convert SoFiUSD into tokenized deposits, which could offer interest and FDIC insurance under separate deposit account terms.
The company also has plans to introduce cross-border value transfer features as part of its broader effort to consolidate financial services into one consumer platform.
An initial centralized exchange on Bullish for institutional trading is also listed among the company’s upcoming planned launches.
SoFi Technologies is currently trading at $15.98 U.S. per share on the NASDAQ.
