SoFi launches USD stablecoin in app for 15,000,000 users

SoFi Technologies has launched its U.S. dollar-pegged stablecoin, SoFiUSD, directly within its mobile banking application, making it available to the company's approximately 15 million members. The company said this marks the first time a stablecoin issued by a U.S. national bank is being offered directly to retail customers through a banking app.

The stablecoin, which is redeemable one-to-one for U.S. dollars through SoFi Bank, is now live on the Ethereum and Solana blockchain networks. Users can buy, sell, hold, and convert SoFiUSD within the same SoFi app interface they use for traditional banking services like saving, spending, borrowing, and investing. Full availability is expected by early June as members update to the latest version of the app.

In a statement, SoFi CEO Anthony Noto said the launch aims to bridge the gap between conventional finance and digital assets. He said the product gives members a single place to manage digital assets without having to choose between blockchain technology and regulated banking services. The company described the launch as the initial phase of a broader roadmap for the stablecoin.

Future planned features include the introduction of...