SoFi Introduces SoFiUSD Stablecoin on Its App

SoFi has begun offering its dollar-pegged stablecoin, SoFiUSD, to users of its banking app.

The Block reported on May 27 that SoFi launched SoFiUSD on the Ethereum and Solana networks, with in-app support for buying, selling, holding and converting the token. SoFi users can access the stablecoin in the same app they use for deposits, payments, lending and investing.

The rollout is the first step in the company's broader push into consumer payments, custody and blockchain infrastructure for businesses. In the coming weeks, SoFi plans to add FDIC-insured tokenized deposits, international remittances and connectivity to the Bullish exchange for institutional clients.

Chief Executive Officer Anthony Noto said blockchain's speed and versatility can be combined with the reliability of banking to improve how money moves globally. Users no longer need to choose between blockchain technology and regulated financial products, he added.