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SoFi Returns to Crypto With Yield-Bearing Stablecoin Strategy
SoFi Technologies is making a decisive return to the crypto space. The financial services firm announced on Thursday that it will soon introduce its own stablecoin, called SoFiUSD, marking a major step following the company’s renewed crypto push last month.
SoFiUSD to Be Issued by SoFi Bank
According to a press release, SoFiUSD will be issued directly by SoFi Bank, positioning the company as a stablecoin infrastructure provider for banks and fintech firms. SoFi described itself as one of the first national banks to issue a stablecoin on a public, permissionless blockchain, highlighting the significance of the move within the U.S. financial system.
While SoFi did not initially disclose which networks would support the token, the company confirmed that SoFiUSD will debut on Ethereum, with plans to expand to multiple blockchains over time to improve global accessibility.
Yield, Reserves, and Regulatory Tailwinds
SoFi stated that it plans to offer an attractive yield to SoFiUSD holders and partners by holding cash reserves in accounts at the Federal Reserve. For immediate redemption, the stablecoin will be fully backed by cash, according to the company.
The announcement follows recent regulatory developments, including conditional approval from the Office of the Comptroller of the Currency (OCC) for several national banking charters tied to stablecoin issuance. These changes have reignited expectations around compliant, institution-backed digital dollars.
A Core Role in SoFi’s Crypto and Payments Strategy
SoFi reintroduced crypto trading last month, allowing users to buy digital assets directly from checking and savings accounts. The platform now supports 30 cryptocurrencies, including Bitcoin, Ethereum, and Solana.
SoFiUSD is expected to play a central role in the firm’s crypto trading operations, while also serving businesses seeking faster and cheaper fund transfers, including use cases such as payments and remittances. Additionally, SoFi plans to enable white-labeled stablecoins, opening the door for branded digital currencies built on its infrastructure.
Market Context and What’s Next
SoFi shares traded around $25 on Thursday and have climbed 75% over the past six months, according to Yahoo Finance. Earlier this year, CEO Anthony Noto said the company would be “incredibly aggressive” with crypto offerings as regulatory clarity improves.
With SoFiUSD, the firm is positioning itself at the intersection of traditional banking and blockchain infrastructure, signaling a deeper commitment to digital assets in a rapidly evolving financial landscape.
