SoFi Brings 14.7M Banking Customers Onchain with $SofiUSD Launch

Earlier today, US-regulated SoFi Bank debuted $SoFiUSD, a U.S. dollar stablecoin, directly inside the SoFi banking app. The rollout gives nearly 15 million members the ability to buy, sell, hold, and convert the token through the same application they already use for banking, investing, and borrowing.

The launch marks a notable milestone for both tradfi and crypto. $SoFiUSD is the first stablecoin issued by a U.S. national bank to become available inside a consumer banking platform. The stablecoin runs on both Solana and Ethereum, with plans to add support for additional networks over time.

The announcement reflects a broader effort by SoFi to position itself at the intersection of regulated banking infrastructure and onchain financial services. Over the past year, the company has steadily expanded its digital asset offerings while keeping them tied to its nationally chartered banking structure.

$SoFiUSD enters a market currently dominated by much larger issuers. However, SoFi’s entry differs in that it comes directly from a federally regulated national bank operating within a mainstream consumer banking application.

How $SoFiUSD Works

$SoFiUSD is designed to maintain a 1:1 value with the U.S. dollar. SoFi Bank stated that it maintains liquid assets to support all outstanding $SoFiUSD in circulation. Unlike many crypto-native stablecoin issuers, SoFi operates under a national bank charter obtained in 2022 through its acquisition of Golden Pacific Bancorp and approval from the Office of the Comptroller of the Currency.

“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. 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.” - Anthony Noto, CEO of SoFi.

Solana Continues to Gain Institutional Momentum

The launch also represents another major institutional win for Solana. SoFi selected Solana as one of the primary networks supporting $SoFiUSD transactions. The company has increasingly integrated Solana across several business lines over the past year.

In November 2025, SoFi introduced direct purchases of Bitcoin, Ethereum, and Solana through checking accounts. The rollout marked the first time a regulated U.S. bank offered direct Solana purchases through standard retail banking channels.

The company further expanded that relationship in April 2026 by launching Big Business Banking, an enterprise-focused banking platform that combines fiat and cryptocurrency services in a single regulated environment.

As part of that initiative, SoFi leverages Solana infrastructure for enterprise fiat and stablecoin operations. The platform aims to give businesses real-time access to both traditional banking rails and blockchain settlement systems. SoFi described the service as a way to simplify financial operations that have historically required multiple providers.

SoFi’s stablecoin ambitions extend beyond retail users. In March 2026, SoFi and Mastercard announced a partnership that would allow $SoFiUSD to function as a settlement currency across Mastercard’s global payments network. Under the agreement, SoFi Bank settles its own credit and debit transactions using $SoFiUSD.

Does $SoFiUSD Earn Interest?

Questions about yield quickly emerged after the launch. One user asked Anthony Noto on X whether $SoFiUSD would pay interest. Noto replied, “Not yet, but it’s coming,” accompanied by a screenshot previewing a future “tokenized deposit” feature that will enable users to convert $SoFiUSD balances into tokenized deposits that earn interest while maintaining FDIC insurance coverage up to applicable limits. SoFi confirmed in its announcement that tokenized deposits form part of the next phase of the rollout.

For years, crypto companies attempted to bring digital assets into mainstream finance from the outside. SoFi is attempting the opposite approach. Instead of asking users to move into crypto-native platforms, the company is integrating onchain assets directly into an existing regulated banking ecosystem. That distinction may prove important as banks, payment companies, and regulators continue to debate how stablecoins should function within the financial system.

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