Nationwide Digital Currency Debuts Through SoFi Bank, Reaching Massive Customer Base

Key facts SoFi Bank, N.A., an OCC-regulated US national bank and subsidiary of SoFi Technologies (Nasdaq: SOFI), launched SoFiUSD on 27 May 2026 to its approximately 15 million members. The launch marks the first time a stablecoin issued by a US national bank has been made available for retail use directly within a banking platform. Members can buy, sell, hold, and convert SoFiUSD inside the SoFi app alongside the platform's existing financial services — loans, savings, investing, and crypto trading. Full availability across SoFi's member base was expected by early June 2026 as users updated to the latest app version.

"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.", 27 May 2026.

— Anthony Noto, CEO, SoFi Technologies

SoFiUSD operates on Ethereum and Solana with 1:1 dollar redemption and CPA auditsSoFiUSD (ticker: SOFID) runs on both Ethereum and Solana, with SoFi indicating it plans to add further blockchain networks. The token maintains a 1:1 redemption ratio against US dollars at SoFi Bank, which holds liquid assets to back all outstanding SoFiUSD in circulation. Reserve transparency is provided through regular attestations by an independent certified public accountant (CPA) licensed in the United States. SoFiUSD is issued under SoFi Bank's OCC national bank charter. The token is not insured by the FDIC, is not a bank deposit, and is not legal tender — all disclosures SoFi includes in its product terms.

SoFi plans tokenized deposits and Bullish exchange listing for institutional clientsSoFi outlined additional features planned for the near term. The company plans to build a mechanism allowing members to convert SoFiUSD balances into tokenized deposits, which SoFi says may qualify for FDIC insurance and earn interest under separate deposit account terms. SoFi also plans to list SoFiUSD on Bullish, a regulated centralized exchange, to support institutional-grade trading. Both features are announced plans and have not yet launched. SoFiUSD's release places SoFi Bank among the first OCC-chartered institutions to issue a payment stablecoin on a public blockchain, with the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act having established the federal framework for such issuances in July 2025.

Primary source: SoFi Technologies press release — BusinessWire, 27 May 2026 "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.", 27 May 2026.

— Anthony Noto, CEO, SoFi Technologies

Primary source: SoFi Technologies press release — BusinessWire, 27 May 2026 SoFiUSD operates on Ethereum and Solana with 1:1 dollar redemption and CPA auditsSoFiUSD (ticker: SOFID) runs on both Ethereum and Solana, with SoFi indicating it plans to add further blockchain networks. The token maintains a 1:1 redemption ratio against US dollars at SoFi Bank, which holds liquid assets to back all outstanding SoFiUSD in circulation. Reserve transparency is provided through regular attestations by an independent certified public accountant (CPA) licensed in the United States. SoFiUSD is issued under SoFi Bank's OCC national bank charter. The token is not insured by the FDIC, is not a bank deposit, and is not legal tender — all disclosures SoFi includes in its product terms.

Primary source: SoFi Technologies press release — BusinessWire, 27 May 2026 SoFiUSD (ticker: SOFID) runs on both Ethereum and Solana, with SoFi indicating it plans to add further blockchain networks. The token maintains a 1:1 redemption ratio against US dollars at SoFi Bank, which holds liquid assets to back all outstanding SoFiUSD in circulation. Reserve transparency is provided through regular attestations by an independent certified public accountant (CPA) licensed in the United States. SoFiUSD is issued under SoFi Bank's OCC national bank charter. The token is not insured by the FDIC, is not a bank deposit, and is not legal tender — all disclosures SoFi includes in its product terms.

Primary source: SoFi Technologies press release — BusinessWire, 27 May 2026 SoFi outlined additional features planned for the near term. The company plans to build a mechanism allowing members to convert SoFiUSD balances into tokenized deposits, which SoFi says may qualify for FDIC insurance and earn interest under separate deposit account terms. SoFi also plans to list SoFiUSD on Bullish, a regulated centralized exchange, to support institutional-grade trading. Both features are announced plans and have not yet launched. SoFiUSD's release places SoFi Bank among the first OCC-chartered institutions to issue a payment stablecoin on a public blockchain, with the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act having established the federal framework for such issuances in July 2025.

Primary source: SoFi Technologies press release — BusinessWire, 27 May 2026 Primary source: SoFi Technologies press release — BusinessWire, 27 May 2026 Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.