SoFiUSD, first launched in December for enterprise clients, is now live inside the SoFi app — making it the first stablecoin issued by a US national bank available directly on a consumer banking platform.
SoFi Technologies, a publicly traded US neobank, has made SoFiUSD available inside its banking app for 14.7 million members, the company said in a press release published Wednesda.
Members can now buy, sell, hold, and convert SoFiUSD directly within the SoFi app. Full availability is expected by early June as users update to the latest version.
SoFiUSD arrives at a moment when stablecoins have moved firmly into mainstream finance. The total stablecoin market supply has crossed $320 billion, with USDT holding roughly 58% market dominance at a $185 billion market cap, according to DefiLlama data.
Tether’s USDT and Circle’s USDC dwarf SoFiUSD in scale, but no U.S. national bank has previously offered a publicly redeemable stablecoin inside a consumer banking app.
How SoFiUSD Works
SoFiUSD is backed 1:1 by cash held at the Federal Reserve and issued by SoFi Bank, which is FDIC-insured. Reserves are verified through regular attestations performed by an independent US-licensed CPA, and the token runs on Ethereum and Solana, with additional networks planned.
SoFi obtained its national bank charter in 2022 via the acquisition of Golden Pacific Bancorp and approval from the Office of the Comptroller of the Currency (OCC), the federal regulator that oversees nationally chartered banks. As The Defiant reported in November, updated OCC guidance that spring enabled OCC-regulated banks to offer crypto services including custody, clearing the way for SoFi’s crypto push.
JPMorgan Chase and Société Générale have also launched stablecoins — the latter a dollar-backed token issued in June 2025 — but JPMorgan’s JPM Coin is a private, permissioned token restricted to institutional clients, and SocGen is headquartered in France, distinctions SoFi points to when making its “first” claim.
From Enterprise to Retail
SoFiUSD launched in December 2025 but was initially only available to enterprise partners such as card networks and retailers. As The Defiant reported in October 2025, CEO Anthony Noto had telegraphed the stablecoin plans at the Goldman Sachs Communacopia + Technology Conference, where he outlined ambitions to use it across payments, lending, and investing.
SoFi subsequently launched Big Business Banking on Solana in April 2026, an enterprise platform letting companies hold deposits, move money, and settle transactions at any hour through fiat or crypto inside a single federally regulated bank. Early enterprise partners include Cumberland, Bullish, BitGo, B2C2, Fireblocks, Wintermute, Galaxy, Jupiter, Mesh Payments, and Mastercard.
In March, SoFi and Mastercard announced a partnership to use SoFiUSD as a settlement currency across Mastercard’s global payments network. Under that agreement, SoFi Bank plans to settle its own credit and debit transactions on the Mastercard network in SoFiUSD, with SoFi’s technology platform Galileo, which has more than 160 million accounts, expected to offer issuing banks the option to settle card transactions using the stablecoin.
Noto said the consumer launch gives members one place to buy, hold, and pay with digital assets in the same app they use for saving, spending, borrowing, and investing.
“People no longer have to choose between blockchain technology and regulated banking products,” he said in Wednesday’s press release.
SoFi is not the only traditional financial firm moving in this direction. Wells Fargo filed a trademark for “WFUSD” in March, signaling its own potential stablecoin ambitions.
Record Quarter
The announcement comes on the back of a record quarter for the company. SofFi posted $1.1 billion in adjusted net revenue in Q1 2026, up 41% year over year, with membership hitting 14.7 million, up 35% year over year.
SOFI stock was up roughly 1% Wednesday morning following the announcement, though the stock remains down 39% year-to-date.
What Comes Next
SoFi said Wednesday’s consumer launch is the first phase of a wider roadmap. In coming weeks, the company plans to add tokenized deposits, which could let members convert SoFiUSD into deposit accounts that may earn interest and access FDIC insurance under separate terms.
SoFi also plans to add 24/7 cross-border transfers and launch SoFiUSD on institutional exchange Bullish.
The consumer rollout comes roughly 10 months after the GENIUS Act — the first comprehensive federal framework for payment stablecoins — was signed into law by President Trump on July 18, 2025, following passage in the Senate 68–30 and the House 308–122. Regulations under the Act are required to be issued by July 18, 2026.
