SoFi launches SoFiUSD stablecoin to offer settlement infrastructure for banks and fintechs
SoFi Bank launched SoFiUSD, a fully reserved stablecoin on Ethereum, to provide settlement infrastructure for financial institutions.Summary
SoFi Technologies announced the launch of SoFiUSD, a fully reserved U.S. dollar stablecoin issued by its national bank, SoFi Bank, marking the first time a national bank has issued a stablecoin on a public, permissionless blockchain (initially Ethereum).
The stablecoin is designed to position SoFi as an infrastructure provider for banks, fintechs, and enterprise platforms, enabling near-instant, 24/7 settlement and payments at low costs. Because SoFi Bank is OCC-regulated and FDIC-insured, SoFiUSD is 1:1 backed by cash reserves held at its Federal Reserve account, eliminating liquidity and credit risk.
SoFi CEO Anthony Noto stated the launch leverages the firm's regulatory framework to improve slow settlement and opaque reserve models in finance. The infrastructure will allow partners to issue their own white-label stablecoins or use SoFiUSD directly, and the stablecoin will eventually be available to SoFi members for general use, including remittances and point-of-sale purchases.
(Source：The Block)