SoFi Rolls Out $SoFiUSD Stablecoin to 14.7 Million Retail Banking Users

@SoFi has taken a significant step in bringing stablecoins into mainstream retail banking, making $SoFiUSD available to its 14.7 million members directly within its digital banking interface. The stablecoin is issued by SoFi Bank, N.A., its OCC-regulated national bank subsidiary, making SoFi the first national bank to issue a stablecoin on a public, permissionless blockchain in the US.

Members can now buy, hold, and convert digital dollars alongside their traditional savings accounts, with the token live on both Ethereum and Solana. SoFi chose Solana as an additional network citing the cost, settlement speed, and throughput the chain offers for payments use cases.

A Stablecoin Built for Banks and Consumers

SoFiUSD is a fully reserved US dollar stablecoin, and SoFi intends to use it as a stablecoin infrastructure provider for other banks, fintechs, and enterprise platforms, allowing them to tap into its bank-grade rails for faster and more efficient money movement. Banks and fintechs will be able to white-label SoFi's stablecoin, with those stablecoins interchangeable with SoFiUSD.

CEO Anthony Noto has been direct about the rationale. "Companies today struggle with slow settlement, fragmented providers, and unverified reserve models," he said, adding that SoFi aims to address these gaps by combining its regulatory standing with transparent, fully reserved on-chain technology.

Mastercard Partnership Adds Global Settlement Reach

The broader ambition extends well beyond retail wallets. SoFi announced an enhanced partnership with Mastercard to enable $SoFiUSD as a settlement option across Mastercard's global payments network. Together, the companies will explore how issuers and acquirers can settle card-based transactions using SoFiUSD, enabling faster money movement for use cases such as cross-border remittances and B2B transfers.

SoFiUSD is also expected to be supported across the Mastercard Multi-Token Network, the payments giant's digital asset platform, with the integration designed to support interoperability across fiat currencies, stablecoins, and tokenized deposits. Galileo, SoFi's technology platform, is expected to be among the first to offer its payment card clients and their issuing banks the choice to settle transactions in SoFiUSD. That opens the door for a much wider network of financial institutions to adopt stablecoin-based settlement without building their own infrastructure.

Sources:
SoFi Technologies: SoFi Launches Fully Reserved Stablecoin (Official Press Release)
Mastercard: SoFi and Mastercard Partner to Enable SoFiUSD Settlement (Official Press Release)
The Block: SoFi to Launch Its Stablecoin on Solana