SoFi has introduced its dollar-backed stablecoin SoFiUSD to nearly 15 million members through its banking app. The token is available on Ethereum and Solana and is redeemable one-to-one for U.S. dollars via SoFi Bank.
The fintech company said the launch makes it the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain. Members can buy, sell, hold and convert the token inside the SoFi app. SoFiUSD targets traditional finance applications such as cross-border payments and B2B transactions rather than crypto trading or decentralized finance.
