SoFi Gives 15 Million Users a Bank‑Backed Digital Dollar

SoFi has added its own dollar‑backed stablecoin, SoFiUSD, to the banking app used by almost 15 million people. It is the first U. S. national bank to hand a stablecoin directly to everyday customers on a public blockchain. The new token can be bought, sold, stored and swapped inside the app. It runs on Ethereum and Solana and can be exchanged back into U. S. dollars at a one‑to‑one rate through SoFi Bank. The move comes as banks push into blockchain payments while lawmakers are tightening rules for stablecoins. These digital coins keep a fixed value, usually tied to the dollar. The market is currently led by crypto‑native issuers like Tether’s USDT and Circle’s USDC, which are popular in trading and decentralized finance. SoFi says the real chance lies outside of crypto markets. “Stablecoins are still barely used in traditional finance, ” a SoFi spokesperson said. “They’ve mostly helped DeFi and crypto trading, not things like cross‑border payments or business‑to‑business transactions. ”The spokesperson added that being a nationally chartered bank gives SoFi an edge. “We offer the trust, security and oversight that crypto‑native issuers can’t, ” they explained. CEO Anthony Noto wants blockchain payments and regulated banking to coexist on one platform. “People no longer have to pick between technology and regulation, ” he said when the product launched in December. Future updates will let users turn SoFiUSD into tokenised deposits that may earn interest and be FDIC‑insured, depending on account terms. The plan also includes 24/7 cross‑border transfers and a trading feature for institutional clients through the crypto exchange Bullish. Full functionality is expected by early June when members upgrade to the latest SoFi app version.