SoFi Technologies (NASDAQ: SOFI) launched SoFiUSD on Wednesday, describing it as the first stablecoin issued by a U.S. national bank, operating on the Ethereum and Solana blockchains.
The stablecoin is redeemable 1:1 for U.S. dollars from SoFi Bank and is backed by regular independent attestations from a U.S.-licensed CPA.
SOFI shares gained over 2% at market open following the announcement, while retail sentiment on Stocktwits moved from “bearish” to “neutral” territory over the past day, though chatter remained at “low” levels.
Crypto Council for Innovation CEO Ji Kim responded to the launch on X, saying regulation and innovation were going “hand in hand,” adding: “This is what GENIUS enabled.”
SoFi CEO Anthony Noto said: “At SoFi, we believe we can combine the speed and versatility of the blockchain with the trust of a bank to improve how money moves around the world.”
Noto added: “People no longer have to choose between blockchain technology and regulated banking products.”
The company said full availability is expected by early June as users update to the latest version of the SoFi app, with the first phase to be followed by tokenized deposits that would earn interest and carry FDIC insurance.
SoFi also plans to list SoFiUSD on crypto exchange Bullish, while future capabilities will include cross-border transfers.
The infrastructure underpinning SoFiUSD is provided by digital asset custodian BitGo through its Stablecoin-as-a-Service platform, a partnership that was first announced in March.
The GENIUS Act, signed into law on July 18 last year, established a federal regulatory framework for payment stablecoins, giving federally chartered banks a clearer path to enter the market.
Total stablecoin market capitalization crossed $320 billion in April 2026, with Tether holding roughly 58% market share and Circle Internet Group’s USDC accounting for most of the remainder.
JPMorgan’s internal stablecoin, JPMD, is already processing more than $1 billion daily for corporate clients, reflecting how rapidly traditional finance is moving into the space.
Mastercard recently agreed to acquire stablecoin infrastructure company BVNK for $1.8 billion, a deal described as the largest stablecoin acquisition in history.
For SoFi, the stablecoin launch builds on a nearly 15 million member base that the company views as a distribution advantage, having entered digital assets in 2019 through its SoFi Invest platform.
SOFI shares were down nearly 40% year-to-date heading into Wednesday, with the stock’s 52-week high at $32.73, hit in November 2025, against a 52-week low of $12.86.
