SoFiUSD Becomes the First Stablecoin Issued by a US National Bank to Launch on a Banking Platform

About this update from Sofi Technologies, Inc.

SoFi, the first national bank to offer a stablecoin on a public blockchain, now allows its nearly 15 million members to buy, sell, and hold SoFiUSD, a bank-grade, 1:1 redeemable U.S. dollar stablecoin. SAN FRANCISCO--(BUSINESS WIRE)-- SoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, everything app for digital financial services, announced today that SoFiUSD, a bank-issued U.S. dollar stablecoin, is available for SoFi members to buy, sell, hold, and convert directly within the SoFi app. This marks the first time that a U.S. national bank-issued stablecoin is available directly on a banking app. By expanding SoFiUSD to its nearly 15 million members, SoFi is building the bridge between traditional banking and digital assets. By integrating blockchain technology within its banking ecosystem, SoFi is helping to make digital financial tools more accessible, practical, and trustworthy. “At SoFi, we believe we can combine the speed and versatility of the blockchain with the trust of a bank to improve how money moves around the world,” said Anthony Noto, CEO of SoFi. “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.” A New Standard for Trust in Digital Assets SoFiUSD is the first stablecoin issued by a U.S. national bank and offers: 1:1 Redemption: SoFiUSD is redeemable 1:1 for U.S. dollars from SoFi Bank. SoFi Bank maintains liquid assets to support all outstanding SoFiUSD. Bank-Grade Safeguards: Members benefit from the transparency of a regulated institution, including regular attestations that are performed by an independent Certified Public Accountant (CPA) licensed in the United States. Multi-Chain Flexibility: SoFiUSD is available on Ethereum and Solana – two of the largest networks for digital asset transactions – with additional networks being added. Today’s launch is the first phase of a broader roadmap to integrate stablecoin utility across the entire SoFi ecosystem. In the coming weeks, SoFi plans to rapidly add to their product offering by: Building the ability for SoFi members to convert SoFiUSD into tokenized deposits, allowing members to earn interest and access FDIC insurance on the deposits. Separate deposit account terms will appl...

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