Stock Track | SoFi Technologies Soars 5.07% Intraday on Launch of Fully Reserved Stablecoin SoFiUSD

Stock Track12-18 22:34

SoFi Technologies Inc. (SOFI) saw its stock price surge by 5.07% during intraday trading on Thursday, following the company's announcement of the launch of SoFiUSD, a fully reserved U.S. dollar stablecoin. The stablecoin, issued by SoFi Bank, N.A., is designed to serve as a financial infrastructure solution for banks, fintech companies, and enterprise partners, enabling faster and more efficient money movement.

The launch positions SoFi as the first national bank to offer open access to stablecoin infrastructure, bridging traditional banking with blockchain technology. SoFiUSD will initially be available for internal settlement activity, with broader availability to SoFi members and institutional partners expected in the coming months. CEO Anthony Noto emphasized the company's commitment to combining regulatory strength with transparent, on-chain technology to provide safer and more efficient fund movement for partners.

Investors have responded positively to SoFi's strategic push into crypto and its ambition to become a "one-stop-shop" financial services provider. The stock's performance reflects optimism about the company's ability to leverage blockchain technology to drive future growth.

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