Coin columns · Ethereum City (Capital)
SoFiUSD: A Stablecoin Issued Directly by a US National Bank
SoFi Bank’s settlement and payment token backed 1:1 by dollars
SoFiUSD (ticker SOFID) is a dollar stablecoin, a token pegged to $1, issued by SoFi Bank, part of the US fintech company SoFi. It launched on Ethereum for businesses in December 2025 and reached members of the SoFi app in May 2026.
1. Who issues it
SoFi began in 2011 refinancing student loans and grew into an online finance company offering deposits, investing and cards. In 2022 it bought a bank and gained a national bank charter, supervised by the Office of the Comptroller of the Currency, and SoFi Bank issues SoFiUSD itself. Unlike most stablecoins, which come from fintech or crypto firms, its issuer is a deposit-taking bank.
SoFi calls it the first stablecoin issued by a US national bank on a public blockchain. It launched on Ethereum on 18 December 2025 and became available on Solana when it reached the member app on 27 May 2026. On the Crypto Nation map, SoFiUSD stands in Ethereum City (the capital), because it was first issued on Ethereum.
2. Reserves and redemption
SoFiUSD is designed to hold $1 and is backed by reserves, mainly cash, matching the amount issued. At launch SoFi said the reserves were held as cash in its Federal Reserve account, and an independent accounting firm issues regular attestation reports.
Holders can redeem SoFiUSD one-for-one for dollars from SoFi Bank. It is not a deposit, carries no FDIC insurance and pays no interest, because the GENIUS Act, the US stablecoin law enacted in July 2025, bars payment stablecoin issuers from paying interest; SoFi has been preparing separate interest-bearing tokenized deposits.
3. What it is used for
SoFi pitches SoFiUSD as round-the-clock settlement money for banks, fintechs and businesses. It also offers white-label issuance, letting other firms launch branded stablecoins on its systems, and plans uses in remittances and shop payments. SoFi relaunched crypto trading as a bank in November 2025.
Members can buy, sell and hold SoFiUSD in the app and send it to Ethereum or Solana wallets. Under a March 2026 agreement with Mastercard, SoFi began using SoFiUSD to settle its bank card transactions in September 2026, which it described as a first for a national bank.
4. Things to know
SoFiUSD is a centralised token issued and managed by one bank, so it depends on the issuer’s soundness and operations and on regulators. The issuer can freeze tokens at specific addresses under law and its rules, and terms may change as GENIUS Act rules and supervision take shape.
Blockchain transfers are hard to reverse, and tokens sent to a wrong address are hard to recover. Compared with long-established stablecoins such as USDT and USDC, it is still accepted in fewer places, so its actual reach is worth checking.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.