Stablecoins

SoFi Launches SoFiUSD Stablecoin for 15 Million Retail Customers

SoFi has become the first U.S. national bank to offer a dollar-backed stablecoin directly to retail customers on public blockchains, deploying SoFiUSD on both Ethereum and Solana.

SoFi bank stablecoin SoFiUSD retail launch visualization

What SoFi Launched

SoFi launched SoFiUSD, a dollar-backed stablecoin available on Ethereum and Solana, on May 27, 2026. The launch makes SoFi the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain, according to reporting by CoinDesk.

Nearly 15 million SoFi members can now buy, sell, hold, and convert SoFiUSD directly within the SoFi app. Each token is redeemable 1:1 for U.S. dollars. SoFi says it plans to add yield features to the product in future updates.

What It Means for Retail Banking

The significance here is distribution scale. Most bank-issued stablecoin infrastructure has been institutional — serving settlement between financial counterparties, not consumer wallets. SoFi's move puts a bank-issued stablecoin into the hands of 15 million retail users through an existing consumer banking app, without requiring users to set up separate crypto wallets or interact with external exchanges.

SoFi holds a national bank charter issued by the Office of the Comptroller of the Currency (OCC). This means SoFiUSD operates within an established regulated banking framework — a meaningful distinction from stablecoins issued by fintech companies operating under state money transmitter licenses.

The Broader Stablecoin Race Among Banks

SoFi's launch comes as the U.S. Congress continues to deliberate on the GENIUS Act, proposed federal stablecoin legislation that would create a regulatory framework for payment stablecoins. Multiple traditional financial institutions have signaled interest in issuing their own stablecoins as regulatory clarity improves.

The retail stablecoin market has previously been dominated by Tether (USDT) and Circle (USDC). A national bank issuing directly to retail customers represents a different regulatory tier entirely — one with deposit insurance implications, OCC oversight, and compliance obligations that private stablecoin issuers don't carry.

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