SoFi Technologies has taken its stablecoin from the back office to the front pocket.
SoFiUSD — pegged to the U.S. dollar — launched late last year but was only available to enterprise partners like card networks and retailers. As of Wednesday, any SoFi member can buy, sell, hold, and convert it to dollars directly inside the SoFi app.
SoFiUSD Is Now Live in the SoFi App for 14.7 Million Members
SoFi Technologies said its U.S. dollar-pegged stablecoin SoFiUSD is now available in the SoFi app to its 14.7 million members, allowing users to buy, sell, hold and convert the token.
SoFi said this marks the first… pic.twitter.com/bwB117GDUG
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That makes it the first stablecoin issued by a U.S. national bank to be available directly on a banking app.
SOFI stock was trading up around 1% in premarket Wednesday morning. The stock had already been moving higher before the announcement. Year-to-date, SOFI is down 39% as of Tuesday’s close, though it remains up 22% over the past 12 months following a strong 2025.
CEO Anthony Noto framed the launch as a convergence of blockchain speed and banking trust. “People no longer have to choose between blockchain technology and regulated banking products,” he said.
SoFi isn’t stopping at buy/sell/hold. In the coming weeks, it plans to let members convert SoFiUSD into interest-bearing tokenized deposits and make 24/7 international money transfers over blockchain rails.
SoFiUSD will also launch on Bullish (BLSH), SoFi’s centralized exchange partner, to open the door to institutional trading.
That’s a lot of runway from what started as a B2B product just months ago.
SoFi sits in a growing crowd. Visa and Mastercard have expanded their stablecoin infrastructure. Fiserv has launched its own coin. The Genius Act, passed last July, gave the asset class a legal framework and kicked off a new wave of adoption.
The harder question is consumer uptake. Stablecoins have clear value for enterprise settlement — fast, around-the-clock, low-friction. Getting everyday users to actually use them is a different challenge.
SoFi’s pitch leans on its regulated status. “SoFiUSD is designed for members who already engage with crypto but want a safer way to do it,” a spokesperson said. Being a nationally chartered bank, they argue, is the right environment for stablecoin adoption to happen.
One potential pull factor: stablecoin issuers may be able to pay users a yield on their holdings. But the legal ground there is still shifting.
Banks have pushed back hard on stablecoin yield, arguing it could pull deposits away from the traditional banking system and tighten access to credit.
A compromise baked into the Clarity Act — a crypto bill working through Congress — would let issuers offer rewards tied to certain activities while blocking bank-style interest on idle holdings.
SoFi says it can pay interest on its deposit base because it is a bank. It also voiced support for the Clarity Act, calling on Congress to move quickly to “advance American competitiveness globally.”
SoFi’s stock has struggled in the first half of 2026, down 39% as of Tuesday. The 12-month picture is still positive, up 22%, carried largely by momentum from 2025.
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