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SoFi Launches Fully Reserved Stablecoin to Power Financial Infrastructure for Banks, Fintechs, and Enterprise Partners
With the launch of SoFiUSD, SoFi is the first national bank to issue a stablecoin on a public, permissionless blockchain SAN FRANCISCO--(BUSINESS WIRE)--
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nWith the launch of SoFiUSD, SoFi is the first national bank to issue a stablecoin on a public, permissionless blockchain\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (NASDAQ: SOFI), the one-stop shop for digital financial services, today announced the launch of SoFiUSD, a fully reserved U.S. dollar stablecoin issued by SoFi Bank, N.A. SoFiUSD will enable SoFi to serve as a stablecoin infrastructure provider for banks, fintechs, and enterprise platforms. They will be able to leverage SoFi’s bank-grade infrastructure to streamline their operations with faster and more efficient money movement.\n\nSoFi is now the first national bank to offer open access to its stablecoin, SoFiUSD, and stablecoin infrastructure, bringing bank-grade oversight and reliability to companies looking to integrate stablecoin products and services. With SoFiUSD on a public, permissionless blockchain, partners can move funds around the clock with near-instant settlement at fractional-cent pricing. This enables them to manage liquidity with more confidence and deliver faster and more transparent services to their customers. SoFiUSD will also be available soon to all SoFi members.\n\nSoFiUSD Stablecoin Delivers:\n\n\nRegulatory strength: SoFiUSD is issued by SoFi Bank, N.A., an OCC-regulated insured depository institution.\n\n\nReserve transparency: SoFiUSD is fully reserved 1:1 by cash for immediate redemption capability. As a nationally chartered, insured deposit bank, SoFi can keep reserves in cash at its Federal bank account with zero liquidity risk or credit risk, while generating attractive incentives to be shared with partners and holders of SoFiUSD.\n\n\nInstitutional Infrastructure: SoFi’s stablecoin infrastructure will enable banks, fintechs, and enterprise partners to leverage SoFi’s regulatory, operational, and reserve framework to issue white-label stablecoins or integrate SoFiUSD into their settlement flows.\n\n\n“Blockchain is a technology super cycle that will fundamentally change finance, not just in payments, but across every area of money,” said Anthony Noto, CEO of SoFi. “With SoFiUSD, we’re using the infrastructure we’ve built over the last decade and applying it to real-world challenges in financial services. Companies today struggle with slow settlement, fragmented providers, and unverified reserve models. SoFi is help...