SoFi Deepens Crypto Offerings With SoFiUSD Stablecoin

Core Insights - SoFi has launched SoFiUSD, a dollar-pegged stablecoin, making it the first national bank to issue a stablecoin on a public, permissionless blockchain [2][3] - The stablecoin aims to provide infrastructure for banks, FinTechs, and enterprise platforms, enabling 24/7 fund movement with near-instant settlement at fractional-cent pricing [2][3] - SoFiUSD will enhance liquidity management and improve service delivery for customers, with plans for it to be available to all SoFi members soon [3][4] Company Developments - SoFi is leveraging its decade-long infrastructure to address challenges in financial services, such as slow settlement and fragmented providers, by combining regulatory strength with transparent on-chain technology [4] - The stablecoin is intended to serve as a secured dollar-denominated asset for consumers in countries with volatile currencies [4] - In addition to the stablecoin, SoFi has previously become the first nationally-chartered bank to offer consumer cryptocurrency trading, expanding its digital financial services [5] Industry Context - The rise of private chains in the financial sector has been noted, indicating significant growth in enterprise blockchain adoption over the past two years [6] - Major financial institutions like JPMorgan Chase and HSBC are increasing their blockchain efforts, with JPMorgan launching a tokenized money market fund and HSBC testing a new cross-border payment solution [7] - There is a recognition that existing open blockchain networks may not align with the operational realities of regulated finance, leading to a preference for private blockchain solutions [8]