$33 Billion SoFi Bank Issues Stablecoin on Ethereum

• SoFi Bank has launched SoFiUSD, its own US dollar-pegged stablecoin.
• The US-chartered digital bank aims to become a stablecoin infrastructure provider for commercial users.
• SoFi is doubling down on the crypto sector even as competition intensifies among stablecoin issuers.

US digital bank SoFi Technologies has launched its own US dollar-pegged stablecoin, SoFiUSD. It marks the first instance of a US national bank issuing a public stablecoin.

The bank announced the launch today, two months after its CEO, Anthony Noto, first hinted at the idea at the Goldman Sachs’ Communacopia + Technology Conference 2025.

SoFi Aims to Become Stablecoin Infrastructure Provider for Institutions

According to the announcement, the launch of SoFiUSD will enable the bank to provide stablecoin infrastructure for banks, fintech companies, and enterprise platforms.

The neobank said that its enterprise-grade infrastructure will enable more efficiency. It is counting on its regulatory compliance as the first national bank with a public stablecoin to attract these clients.

The firm wrote:

“SoFi is now the first national bank to offer open access to its stablecoin, SoFiUSD, and stablecoin infrastructure, bringing bank-grade oversight and reliability to companies looking to integrate stablecoin products and services.”

Meanwhile, the bank stated that stablecoins are already available for internal settlement activities. This will extend beyond the bank’s recently relaunched crypto trading business to other services.

It particularly mentioned SoFiPay, noting that the stablecoin will be used for international settlements and everyday purchases. The broader availability of the stablecoin for SoFi customers has not yet been finalized, but it is expected to be available in the coming months.

Interestingly, the announcement hinted that SoFiUSD would be a yield-bearing stablecoin. It stated that the yield generated on the stablecoin reserves can be shared with partners and holders. However, it did not mention when this would be activated.

SoFi Doubles Down on Crypto as Stablecoin Sector Continues Growth

Meanwhile, SoFi’s launch of its own stablecoin underscores the bank’s commitment to the crypto and blockchain space. The $33 billion worth bank recently relaunched its crypto trading services with over 30 crypto assets.

The CEO acknowledged this, noting that blockchain technology will change finance, and SoFi wants to play a role in this. The market agrees with SoFi’s direction, with its stock rising by 4.5% today.

Noto said:

“Blockchain is a technology super cycle that will fundamentally change finance, not just in payments, but across every area of money. With SoFiUSD, we’re using the infrastructure we’ve built over the last decade and applying it to real-world challenges in financial services.”

However, SoFi’s venture into stablecoin adds another player to the crowded stablecoin sector. According to Defillama, there are approximately 40 stablecoins with a circulating supply of at least $100 million, with most of them pegged to the US dollar.

Despite the large number of stablecoins, Tether USDT and Circle USDC account for more than 80% of the supply. The sector is still growing, with an almost 2% increase in market capitalization to $309.55 billion over the last 30 days.

Even with the duopoly in the stablecoin sector, SoFi’s positioning of SoFiUSD for commercial users could make a difference. Still, many would be watching its adoption, especially as other banks in the US consider issuing their stablecoins.