SoFi unveils the first bank-issued stablecoin for enterprise payments
SoFiUSD is fully backed 1:1 by Federal Reserve cash and offers an open stablecoin infrastructure for banks and fintechs with plans for cross-chain expansion.
- SoFi Bank, N.A. launched SoFiUSD on Thursday, becoming the first U.S. national bank to offer open access to its stablecoin infrastructure.
- Companies today struggle with slow settlement, fragmented providers and unverified reserve models, gaps SoFi says it is addressing using its national bank charter and reserve model.
- SoFiUSD is structured as fully backed 1:1 by cash held at the Federal Reserve, enabling immediate redemption and live on the ethereum blockchain for 24/7 movement of funds.
- SoFiUSD will be available for internal use now, with a broader rollout to SoFi members in the coming months, and other banks and fintechs can white‑label interchangeable versions.
- The FDIC board voted Tuesday to propose Genius Act rules for stablecoins, while JPMorgan launched JPM Coin last month and Citi and PNC plan to enter the market amid uncertainty for roughly 2,700 banks.
22 Articles
22 Articles
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First Bank-Issued Stablecoin SoFiUSD Launched By SoFi
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SoFi Bank Launches New Stablecoin for Enhanced Financial Transactions
Explore how SoFi’s innovative stablecoin aims to transform banking. Highlights: SoFi Bank launches its own stablecoin. The stablecoin aims to streamline financial transactions. Enhanced user experience is a key focus. SoFi positions itself in the competitive crypto market. SoFi Bank has officially launched a new stablecoin aimed at enhancing user transactions and experience. This innovative financial product is designed to streamline payments a…
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