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SoFi Bank Officially Launches Its SoFi USD Stablecoin
SoFi announces the launch of the SoFiUSD stablecoin backed by U.S. Dollars and designed for payments and consumers.
SoFi is one of the first U.S. banks to launch their own public stablecoin (Jason Leung / Unsplash)
SoFi has launched SoFiUSD stablecoin.
The digital-first bank has officially launched its much anticipated stablecoin SoFiUSD backed 1:1 with U.S. Dollars. This is now available for SoFi customers and is currently live on both Solana and Ethereum networks.
In a press release, CEO Antony Soto had commented:
“People no longer have to choose between blockchain technology and regulated banking products. With SoFiUSD, we’re giving our members a single place to buy, hold, and pay with digital assets in the same app they already use to save, spend, borrow, and invest.”
SoFi had recently partnered with BitGo to act as the back-end stablecoin issuer and custodian, while selecting Mastercard network for more traditional card distribution.
In fact, the national bank has been employing an entirely different strategy to most U.S. based regional banking institutions. Over the last few years, there had been a full focus on getting younger people as consumers, and catering to a very wide field of financial services, including: loans, accounts, insurance, wealth management, and more.
Also, the next product launch for SoFi is likely to be in the realm of tokenized deposits as written on their website, so that SoFiUSD balances are swappable and can be transferred seamlessly.
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