Summary
- U.S. fintech firm SoFi said it launched the dollar stablecoin SoFiUSD pegged 1:1 to cash at the U.S. Federal Reserve.
- SoFi Bank, a U.S. national bank, said this is the first time a national bank has issued a stablecoin.
- It said users can redeem SoFiUSD immediately without liquidity risk, and transfer funds on a public blockchain 24 hours a day at low cost.
U.S. fintech firm SoFi (SOFI) has launched a dollar stablecoin.
On the 18th (local time), CoinDesk reported that SoFi launched the dollar stablecoin 'SoFiUSD'. SoFiUSD is issued by SoFi Bank, a U.S. national bank. This is the first time a U.S. national bank has issued a stablecoin.
A feature of SoFiUSD is that its value is pegged 1:1 to cash deposited at the U.S. Federal Reserve (Fed). CoinDesk said, "Users can redeem (the stablecoin) immediately without credit or liquidity risk," and "It operates on a public blockchain, allowing funds to be transferred 24 hours a day with near-instant speed and low cost."
Anthony Noto, SoFi's chief executive officer (CEO), said, "Companies are struggling with slow payments, distributed service providers, and unverified reserve models," and "We will use the infrastructure built over the past 10 years to solve problems in financial services."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
