SoFi Becomes First U.S. National Bank To Launch A Stablecoin On A Public Blockchain

TL;DR

• SoFi Bank launches SoFiUSD, the first stablecoin from a U.S. national retail bank on a public blockchain.
• It is 1:1 backed by cash reserves at the Federal Reserve, fully regulated by the OCC and FDIC-insured.
• The launch is enabled by the federal GENIUS Act passed in July 2025.

SoFi moved stablecoin settlement into a federally chartered banking wrapper and put a new token on a public blockchain. SoFi Bank, N.A. launched SoFiUSD, a dollar-backed stablecoin that the company describes as the first issued by a U.S. nationally chartered retail bank on an open, public chain. 

SoFi also frames the rollout as more than a consumer product: the bank presents itself as an on-chain settlement provider for banks, fintech firms, and enterprise platforms.

SoFi runs SoFiUSD for internal settlement activity and prepares member access over the coming months. The launch places a regulated depository institution directly inside on-chain payment flows, a step many banks avoided during prior cycles.

The future of on-chain settlement is here.

Today we launched SoFiUSD, a fully reserved #stablecoin issued by SoFi Bank, N.A., positioning us as a stablecoin infrastructure provider for other banks, fintechs, and enterprise platforms.

We are the first nationally chartered…

— SoFi (@SoFi) December 18, 2025

SoFi ties the token’s design to reserves and redemption. The OCC regulates SoFi Bank, and the FDIC insures deposits held at the institution. SoFi says the bank matches each SoFiUSD token one-to-one with cash reserves held at the Federal Reserve. The structure targets fast redemption and avoids reserve exposure to commercial paper or other yield instruments.

GENIUS Act gives banks a federal rulebook for payment stablecoins

The legal basis comes from the GENIUS Act, which became law in July 2025 and created a federal framework for payment stablecoins in the United States. The framework allows insured depository institutions to issue stablecoins through approved structures when issuers meet reserve, disclosure, and supervisory requirements. SoFi also points to certified reserve reporting as a requirement tied to national-bank status under the GENIUS framework.

Regulators add more clarity after the law’s passage

SoFi cites updated guidance from the OCC and FDIC that allows banks to engage in stablecoin issuance, custody, and tokenized settlement under defined rules. 

The shift matters for SoFi’s timeline: the company paused crypto services in 2023 under earlier uncertainty, then returned with a bank-issued token once federal guidance tightened the boundaries.

SoFi also describes a plan to support SoFiUSD as a dollar-denominated balance inside debit or secured credit products for users in countries with volatile local currencies.

Market size adds context for the timing. Data cited from DefiLlama places total stablecoin market capitalization near $309 billion, with USDT above $186 billion and USDC near $78 billion. Analysts also project stablecoins can exceed $3 trillion by 2030, driven by demand for faster settlement, cheaper cross-border payments, and access to dollar liquidity outside traditional banking.

Regulatory momentum continues alongside growth. On December 16, the FDIC approved a proposed rule that outlines how FDIC-supervised banks can apply to issue payment stablecoins under the GENIUS Act. Taken together, SoFi’s launch and the FDIC’s process signal a clear direction: stablecoins move closer to mainstream banking rails, with bank reserves, reporting, and supervision as the price of entry.