SoFi Bank Launches SoFiUSD Stablecoin

SoFi Bank has announced the launch of their own stablecoin.

The banking platform has officially entered the stablecoin space and are the first Bank in the U.S. to launch their own stablecoin called SoFiUSD. This will be initially built on top of the Ethereum network with reserves held at the Fed. Earlier in the fall, SoFi had also launched new crypto trading solutions to its clients allowing to buy, sell and hold crypto assets.

On this announcement, CEO Anthony Noto expressed:

“Blockchain is a technology super cycle that will fundamentally change finance, not just in payments, but across every area of money. With SoFiUSD, we’re using the infrastructure we’ve built over the last decade and applying it to real-world challenges in financial services."

In an interview with Crypto In America, Anthony remarked on SoFi's journey starting from consumer lending to fully embracing new money movement flows built on top of stablecoin settlement, particularly as a faster alternative to ACH and wire transfers. Additionally, the company may expand further to allow partners to request whitelabel stablecoin solutions.