SoFi Launches SoFiUSD Stablecoin on Ethereum and Solana
SoFi Technologies has launched SoFiUSD, a dollar-pegged stablecoin available to its members on both Ethereum (ETH) and Solana (SOL), according to a Decrypt report published May 27. The move makes SoFi one of the first major U.S. licensed banks to deploy a proprietary stablecoin across multiple public blockchains simultaneously.
The launch positions SoFi directly inside a fast-moving race among fintech and banking institutions to own on-chain dollar settlement infrastructure.
What SoFiUSD Is and How It Works
SoFiUSD is a stablecoin, a cryptocurrency designed to maintain a fixed value against the U.S. dollar. SoFi members can access the token through the company’s existing platform without needing a separate wallet or exchange account.
The dual-chain deployment on Ethereum and Solana gives the token access to two of the largest decentralized application ecosystems in cryptocurrency, covering a combined daily transaction volume that routinely runs into the billions of dollars.
SoFi Technologies is a publicly traded U.S. financial services company that holds a national bank charter, granted by the Office of the Comptroller of the Currency in January 2022. That charter subjects SoFi to federal banking oversight, making SoFiUSD one of the few stablecoins issued directly by a federally regulated bank rather than a dedicated cryptocurrency firm.
The company serves over nine million members across lending, investing, and banking products.
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Background
The stablecoin sector has grown aggressively in 2026, with total supply reaching $230 billion as institutional adoption accelerated. The market has been dominated by Tether (USDT) and USDC, both issued by non-bank cryptocurrency firms.
Regulated banks entering the stablecoin space marks a structural shift. Earlier in May 2026, Block’s Cash App rolled out its own stablecoin to 60 million users, extending on-chain dollar access through a consumer fintech platform with payment-app roots rather than a bank charter.
The convergence of chartered banks and public blockchain rails has accelerated since Congress advanced stablecoin legislation in early 2026 that would formally authorize bank-issued tokens under federal oversight.
Also Read: Block Rolls Out Cash App Stablecoin to 60 Million Users
What Comes Next
SoFi has not yet published a full technical specification or reserve audit schedule for SoFiUSD. Analysts watching the bank-stablecoin convergence will focus on three near-term questions.
First, whether SoFi integrates SoFiUSD into its lending and savings products, which would give the token genuine utility beyond speculative trading. Second, whether the dual-chain deployment expands to include additional networks such as Arbitrum (ARB) or Solana-based DeFi protocols.
Third, how federal regulators respond to a nationally chartered bank distributing tokens on permissionless public blockchains, a question the pending stablecoin bill has not fully resolved.
The SoFiUSD launch arrives as Bitcoin (BTC) slid toward $74,700 on May 27 and broader cryptocurrency sentiment turned cautious. A bank-backed stablecoin entering the market during a risk-off period could test whether institutional credibility offsets macro headwinds for on-chain dollar adoption.
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