SoFi Launches 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 the U.S. fintech company launched SoFiUSD on the Ethereum and Solana networks. The app supports buying, selling, holding and converting the token. SoFi users can use the stablecoin in the same app they use for deposits, payments, loans and investments.

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

Chief Executive Officer Anthony Noto said combining the speed and versatility of blockchain with the trust of banking could improve the way money moves globally. Users no longer need to choose between blockchain technology and regulated financial products, he added.