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United States-based digital bank SoFi Technologies unveiled SoFiUSD, a 1:1 cash-backed U.S. dollar stablecoin issued by SoFi Bank. The move makes SoFi the first U.S. national bank to release an “open access” stablecoin as the line between traditional and digital finance continues to blur.
The neobank announced the move today, Dec. 18, just over one month after the bank relaunched crypto trading. SoFi products tout “bank-grade safety” that are able to be integrated with other leading traditional finance services. The firm said in the announcement that the stablecoin will use a "public, permissionless blockchain," without specifying which network, but noting that "partners can move funds around the clock with near-instant settlement at fractional-cent pricing."
SoFi says its stablecoin is backed 1:1 by cash reserves held in its Federal bank account, ensuring immediate redemption. The bank also noted that SoFiUSD can be used for settlement not only for its crypto trading offerings, but also across partner card networks and businesses, as well as international remittances and point-of-sale transactions made with SoFiPay.
Anthony Noto, CEO of SoFi, was quoted in the release, calling blockchain a “technology super cycle that will fundamentally change finance,” and continuing:
“With SoFiUSD, we’re using the infrastructure we’ve built over the last decade and applying it to real-world challenges in financial services. Companies today struggle with slow settlement, fragmented providers, and unverified reserve models. SoFi is helping address these gaps by combining our regulatory strength as a national bank with transparent, fully reserved on-chain technology to provide a safer and more efficient way for partners to move funds.”
SoFi teased the SoFiUSD rollout as early as October, when Noto introduced the idea at the Goldman Sachs’ Communacopia + Technology Conference 2025, as The Defiant previously reported. At the conference SoFi also mentioned future integrations including tokenized loans, and potential yield sharing to stablecoin holders.
However, today’s release only announced the launch of the stablecoin, and did not mention yield or other potential activations. While the stablecoin is currently launched for internal use, SoFi will rollout SoFiUSD to all users in the coming months, the firm said.
The Defiant reached out to SoFi for details on the stablecoin's underlying technology and plans for yield sharing, but hasn't heard back by press time.
Stablecoins remain one of 2025’s hottest sectors, with the total market capitalization growing by 52% since the beginning of the year, and 138% since the beginning of 2024. While USDT maintains 60% dominance over the total market, Circle, the issuer behind USDC, made waves in the United States this year after launching its stock IPO that rallied 10x off its public offering price.