On Thursday, shares of SoFi Technologies Inc. (SOFI.US) rose significantly, gaining over 5% to reach $26.6 at the time of writing. The surge follows the company's official entry into the stablecoin sector with the launch of SoFiUSD, a fully dollar-backed stablecoin, accelerating its expansion in digital assets and payment infrastructure.
SoFiUSD is issued by SoFi Bank, N.A., with 1:1 cash reserves, enabling instant redemptions. As a nationally chartered and FDIC-insured bank, SoFi can directly hold stablecoin reserves in its federal bank accounts, eliminating liquidity and credit risks while generating yields to share with partners and SoFiUSD holders.
With this launch, SoFi becomes the first U.S. nationally chartered bank to issue a stablecoin on public, permissionless blockchains. The company aims to transition into a stablecoin infrastructure provider, offering services to banks, fintech firms, and enterprise platforms for faster and more efficient fund transfers and settlements using its "bank-grade" infrastructure.
Currently, SoFiUSD is being used for internal settlements, with plans to expand access to more members in the coming months. Beyond crypto trading settlements, the stablecoin is expected to support card networks, retailers, and other businesses with secure, 24/7, low-cost transaction solutions.
The stablecoin market remains dominated by Tether's USDT and Circle's (CRCL.US) USDC, but traditional financial institutions and fintech companies are rapidly entering the space. PayPal (PYPL.US) launched its stablecoin PYUSD in 2023, while Stripe introduced stablecoin-based subscription payments in October 2025. Visa (V.US) also recently announced USDC settlement in the U.S., marking a key milestone in its stablecoin pilot program.
Comments