A fintech company that started by refinancing student loans just became the first US national bank to put a stablecoin directly into a consumer banking app. SoFi Technologies launched SoFiUSD on May 27, giving its approximately 14.7 million members the ability to buy, sell, and hold the token without ever leaving the SoFi app.
The stablecoin is issued by SoFi Bank, N.A., which is regulated by the Office of the Comptroller of the Currency. That makes SoFiUSD a fundamentally different animal from Tether or even Circle’s USDC: it’s a dollar-pegged token issued by a chartered national bank, not a standalone crypto company.
What SoFiUSD actually is
SoFiUSD lives on the Ethereum blockchain and is redeemable on a 1:1 basis for US dollars through SoFi Bank. The reserves backing the token consist of liquid assets, and the company has committed to regular independent attestations to verify that backing.
The token launched on Ethereum, though it also operates on Solana. Within days of going live, SoFiUSD’s market capitalization on Ethereum surpassed $100 million.
Why a bank-issued stablecoin matters
SoFi Bank holds a national bank charter. That means OCC oversight, capital requirements, and the full suite of compliance obligations that come with being a regulated depository institution.
The launch also builds on groundwork SoFi laid in December 2025, when it first introduced stablecoin-related functionalities within its platform. SoFiUSD is part of a broader digital assets strategy at the company, which already supports trading of nearly 30 digital assets.
SOFI stock responded favorably to the announcement, rising approximately 5-7% following the news.
What this means for investors
JPMorgan has JPM Coin for institutional transfers, but no major bank has put a stablecoin into a retail app until now.
Circle and Tether have dominated the market by being first movers, but they don’t have banking relationships with millions of retail customers. SoFi does.