SoFi has just reached a historic milestone in the convergence between traditional banking and crypto. The group has launched SoFiUSD, a stablecoin pegged to the dollar issued directly by SoFi Bank, a US national bank licensed and insured by the FDIC. A first in the United States, positioning SoFi as a pioneer of a new generation of on-chain payments for businesses and institutions.
A banking stablecoin on a public blockchain
SoFiUSD operates on a public blockchain, allowing for almost instantaneous settlements, 24/7, at low cost. For now, its use is limited to internal operations of the group, but a broader rollout to SoFi members is planned in the coming months.
This choice of a public infrastructure is far from trivial. It allows SoFi to offer the technical benefits of the crypto world while maintaining a strict banking regulatory framework. While JPMorgan launched its JPM Coin in a more closed environment, SoFi takes a more open approach, designed from the outset for interoperability and widespread adoption.
A strategic building block for B2B payments
Beyond the stablecoin itself, SoFi reveals a broader ambition. The SoFiUSD infrastructure is designed to be integrated by external partners. Banks, fintechs, payment networks, or software publishers can issue white-label stablecoins or use SoFiUSD as a settlement layer in their own flows.
SoFi relies on its status as a national bank to differentiate itself. Unlike traditional crypto issuers, the company operates under a full banking license, with verifiable reserves and clear regulatory oversight. A strong argument for institutional players grappling with the sluggishness of current payment systems and the risks associated with certain stablecoin models.
Anthony Noto, CEO of SoFi, sums up the promise: using the banking infrastructure built over more than ten years to solve well-known financial problems, such as slow settlements, fragmented providers, and opaque reserves.
The signal of a structural shift
SoFi’s initiative is part of a significant trend. After JPMorgan’s deposit tokens, BlackRock’s tokenized money market funds, or Visa’s settlements in USDC, major financial institutions are gradually embracing on-chain rails.
With SoFiUSD, a bank is not just experimenting. It’s issuing a fully banking stablecoin, designed for practical and scalable uses. If adoption follows, this model could reshape the stablecoin market, setting new standards of transparency and security. For traditional finance, the future of payments will not only be faster. It will also, increasingly, be on-chain.
