SoFiUSD

SoFiUSD (ticker SOFID) is a U.S. dollar payment stablecoin, issued by SoFi Bank, a nationally chartered U.S. bank regulated by the Office of the Comptroller of the Currency (OCC), through SoFi Technologies, and pegged and redeemable one-to-one for U.S. dollars.^[1]​^[4] SoFiUSD launched for enterprise use on the Ethereum blockchain on December 18, 2025 and was extended on May 27, 2026 to SoFi app retail members as the first stablecoin issued by a U.S. national bank to be offered directly through a consumer banking app, introduced to a member base of about 15 million.^[2]​^[3]​^[6]​

Overview

SoFiUSD is intended to bridge the flexibility of a stablecoin and the stability of a bank, functioning as a digital dollar that can be moved on public blockchains around the clock while its dollar backing sits inside a regulated national bank.^[5] The token operates through a mint-and-burn mechanism: when a partner deposits U.S. dollars with SoFi Bank, an equivalent amount of SoFiUSD is minted on-chain, and when a holder redeems, the tokens are burned and the underlying cash is released.^[7] The dollars backing the token remain on deposit at SoFi Bank inside the bank's Federal Reserve master account, a structure in which the reserve is the bank's own balance sheet rather than a segregated pool of Treasuries and cash held by a non-bank issuer.^[7]​^[8] Redemption runs through SoFi rather than an open-market mechanism, meaning a holder returns the token to the bank to receive dollars.^[9]​

The issuance, custody and distribution infrastructure is provided by BitGo through its stablecoin-as-a-service platform, which handles minting, custody and connectivity to payment providers, market makers and exchanges.^[7] Both SoFi Bank and BitGo Bank and Trust are supervised by the OCC.^[8] Notably, the product is issued by SoFi Bank itself and does not rely on an external trust.^[10]​

SoFiUSD launched on Ethereum as an ERC-20 token and expanded to Solana in early 2026, with SoFi citing Solana's settlement speed, throughput and sub-penny fees as better suited to always-on payments; the company has said additional networks will be added over time.^[7]​

Tokenomics and Distribution

SoFiUSD does not have a fixed maximum supply; tokens are minted and burned on demand when partners or SoFi app users deposit or redeem U.S. dollars with SoFi Bank, keeping on-chain circulation aligned with underlying dollar balances.^[1]​^[7] The token is designed to be fully reserved with liquid assets consisting primarily of cash held on SoFi Bank’s balance sheet, rather than in a segregated trust vehicle or a separate pool of securities such as Treasuries.^[8]​^[9]​^[10]​

Under the GENIUS Act framework and SoFi’s own disclosures, SoFiUSD does not pay interest or yield to holders, is not treated as a bank deposit, is not insured by the FDIC or SIPC, and may lose value relative to its intended $1 peg.^[7]​^[8]​^[11]​^[1] The token is positioned primarily as a payments and settlement asset for always-on transfers and commercial use cases, rather than as a speculative investment vehicle.^[7]​^[1]​

Regulatory Framework

SoFiUSD was made possible by the GENIUS Act, signed in July 2025 as Public Law 119-27, which established a federal regulatory framework for U.S. dollar payment stablecoins and created pathways for banks and credit unions to issue dollar-backed tokens through regulated subsidiaries.^[7] The Act requires regulated issuers to maintain one-to-one reserves in specified high-quality assets, publish monthly attestations by independent accounting firms, and comply with Bank Secrecy Act requirements, while prohibiting the payment of interest or yield to stablecoin holders; issuers with more than $50 billion in circulation must submit audited annual financial statements.^[7]

To conduct issuance and redemption activities, SoFi Bank sought OCC authorization to establish an operating subsidiary. In Corporate Decision #1388, dated July 23, 2026 and signed by Senior Deputy Comptroller Stephen Lybarger, the OCC approved SoFi Bank's application — filed on March 27, 2026 — to establish a subsidiary that would engage in the issuance and redemption of payment stablecoins, including tokens branded by the bank and tokens issued on behalf of third-party clients.^[4] Citing 12 CFR 5.34(e), the OCC concluded the subsidiary's activities are legally permissible for national banks and their operating subsidiaries.^[4] The approval was made subject to the condition that, if and to the extent necessary, the bank must conform, cease or divest its stablecoin activities to comply with the GENIUS Act and any future implementing regulations, at the OCC's sole discretion — an enforceable condition under 12 USC 1818.^[4] The approval automatically terminates if the subsidiary is not established within 12 months of the letter unless the OCC grants an extension.^[4]

The broader rulemaking environment remained unsettled through 2026. Final regulations under the GENIUS Act were due by July 18, 2026, and in April 2026 the FDIC proposed a rule implementing the Act's interest-and-yield prohibition for FDIC-supervised stablecoin issuers, including criteria for determining whether an issuer had violated the prohibition through arrangements with third parties.^[11] A separate FDIC proposal set procedures for FDIC-supervised banks to issue payment stablecoins through subsidiaries; the FDIC acknowledged "significant uncertainty" over how many of its roughly 2,700 supervised banks would pursue such activity, assuming in its analysis that an average of 10 banks would apply each year.^[2] The FDIC's April 2026 rulemaking, with a comment deadline of June 9, 2026, also suggested a deposit should be treated as a deposit "regardless of the technology or recordkeeping utilized," and the FDIC chair has stated plainly that deposit insurance does not extend to stablecoins.^[8]