SoFi unveils the first bank-issued stablecoin for enterprise payments

SoFi Bank has introduced SoFiUSD, marking the first time a U.S. national bank has offered open access to its stablecoin infrastructure for enterprise payments. This stablecoin is fully backed 1:1 by cash held at the Federal Reserve, eliminating credit or liquidity risk associated with crypto-native tokens, and allows for immediate redemption. SoFiUSD operates on a public blockchain, enabling 24/7, near-instant, low-cost fund movement. Initially for internal use, it will soon roll out to SoFi members. The infrastructure also allows SoFi's partners—such as banks, card networks, or software firms—to issue their own white-labeled stablecoins or integrate SoFiUSD into their payment flows, leveraging SoFi’s banking license to address industry challenges like slow settlement and unverified reserve models.

(Source：CoinDesk)