SoFiUSD becomes first retail stablecoin from U.S. national bank
SoFi Bank has launched SoFiUSD, a dollar-backed stablecoin on Ethereum and Solana blockchains, making it available to 15 million retail members through its banking app. The May 27, 2026 launch marks the first time a U.S. national bank has offered a stablecoin directly to retail customers on a public blockchain.
The stablecoin maintains a 1:1 redemption ratio with U.S. dollars through SoFi Bank. Full availability is expected in early June 2026 as members update the SoFi app. SoFi CEO Anthony Noto said in a statement: “People no longer have to choose between blockchain technology and regulated banking products.”
SoFiUSD positions itself against crypto-native stablecoin issuers Tether and Circle, which dominate the market through USDT and USDC respectively. A SoFi spokesperson stated: “SoFiUSD competes by offering what crypto-native issuers cannot: the trust, security and oversight that comes with being a nationally chartered bank.”
The stablecoin market remains nascent in traditional finance. According to a SoFi spokesperson, “The use of stablecoins in traditional finance is still incredibly small today.” Historically, stablecoins have been confined to crypto trading and decentralized finance, but SoFi intends to expand their utility. The spokesperson noted: “Historically, stablecoins have been used for DeFi and crypto trading, but not for use cases like cross-border payments or B2B transactions.”
SoFi plans to roll out additional features including interest-earning tokenized deposits, FDIC-insured accounts, and 24/7 cross-border transfers. The company also plans to launch institutional trading access through crypto exchange Bullish.
The launch reflects broader movement by traditional banks into blockchain-based payments. U.S. lawmakers and regulators are moving closer to establishing formal rules for stablecoins, creating clearer pathways for bank participation in the sector.
