SoFi Partners With BitGo on Bank-Issued SoFiUSD Stablecoin

Stablecoins maintain their value through fiat currency reserves and have traditionally been issued mostly by crypto-native companies. SoFiUSD is issued by SoFi Bank, which is regulated by the U.S. Office of the Comptroller of the Currency and whose deposits are FDIC-insured. It is the first U.S. dollar stablecoin launched by a U.S. national bank on public, permissionless blockchains. The token is redeemable 1:1 for U.S. dollars but is not itself an FDIC-insured deposit. Its significance lies in bringing a regulated banking framework to round-the-clock payments and settlement.

SoFiUSD first launched on Ethereum on December 18, 2025. On March 5, 2026, SoFi announced that it had adopted BitGo’s Stablecoin-as-a-Service for issuance technology, operations and institutional distribution support. The product expanded to Ethereum and Solana on May 27, allowing about 14.7 million members to buy, sell, hold and redeem it through the SoFi App, with full availability expected in early June.