SoFi Rolls Out Ethereum And Solana-Based Stablecoin To 15 Million Users

bitcoinistPublished on 2026-05-29Last updated on 2026-05-29

Abstract

SoFi Technologies has launched its U.S. dollar-pegged stablecoin, SoFiUSD, on its official retail banking app, making it the first U.S. national bank-issued stablecoin directly available on a banking platform. The stablecoin, which runs on the Ethereum and Solana blockchains, is now accessible to SoFi's nearly 15 million users for buying, selling, and holding. CEO Anthony Noto emphasized the integration of blockchain technology with regulated banking services. This launch is the first phase of a broader roadmap, with future plans including conversion to tokenized deposits, 24/7 global transfers, and listing on the Bullish exchange. The announcement coincides with a market downturn that saw Ethereum's price fall below $2,000.

The Ethereum and Solana-based SoFiUSD has become the first national bank-issued stablecoin to launch on an official banking platform.

SoFi Has Made Its Stablecoin Available On Its Retail Banking App

As announced in a press release, SoFi Technologies has rolled out its stablecoin to the official SoFi banking app, which hosts a userbase of nearly 15 million members. SoFi, short for Social Finance, is a financial technology company based in the United States that operates as a direct bank with a national charter.

In December, SoFi launched a stablecoin called SoFiUSD, becoming the first national bank in the US to issue a stablecoin on a public blockchain. Back then, the token was only available for internal settlement activity and institutions/developers, with the firm noting that broader availability would arrive in the coming months. That launch finally appears to be here.

SoFi members can now buy, sell, and hold SoFiUSD directly within the app. “This marks the first time that a U.S. national bank-issued stablecoin is available directly on a banking app,” said the announcement.

Stablecoins are cryptocurrencies that have their value pegged to a fiat currency. As SoFiUSD’s name suggests, it’s a token backed by the US Dollar, which is the most in-demand currency for these digital assets. Currently, the cryptocurrency is available on Ethereum and Solana, two of the most-used networks for transactions.

Anthony Noto, SoFi CEO, said:

People no longer have to choose between blockchain technology and regulated banking products. With SoFiUSD, we’re giving our members a single place to buy, hold, and pay with digital assets in the same app they already use to save, spend, borrow, and invest.

SoFiUSD isn’t SoFi Technologies’ first foray into the digital-asset sector. As reported by Bitcoinist, the bank became the first of its kind to offer cryptocurrency trading to US customers back in November.bToday’s launch isn’t the end of SoFi’s digital-asset journey, either, as the announcement revealed that it’s only the first phase of a broader roadmap to integrate stablecoin utility across the bank’s ecosystem.

In the next few weeks, the FinTech platform is planning to allow members to convert SoFiUSD to tokenized deposits, offer 24/7 global mobility via the blockchain, and release its stablecoin on its first centralized exchange partner, Bullish.

The press release also noted that networks beyond Ethereum and Solana are planned for the stablecoin, although it’s not yet known which blockchains will be supported or when a rollout will occur.

Ethereum Has Declined Under The $2,000 Level

The cryptocurrency market has suffered a bearish blow during the past day, and Ethereum, the second-largest token by market cap, has been among the worst performers out of the top coins.

After a drop of more than 4% during the last 24 hours, ETH has slipped below $2,000 for the first time since late March.

The trend in the price of Ethereum over the last five days | Source: ETHUSDT on TradingView

Related Questions

QWhat is SoFiUSD and on which blockchains is it currently available?

ASoFiUSD is a U.S. dollar-pegged stablecoin issued by SoFi, a nationally chartered bank. It is currently available on the Ethereum and Solana blockchains.

QHow does the launch of SoFiUSD in the SoFi app mark a significant first in the banking industry?

AIt marks the first time a U.S. national bank-issued stablecoin is available directly on a retail banking app, offering SoFi's nearly 15 million members the ability to buy, sell, and hold it within their existing banking platform.

QWhat future plans does SoFi have for its SoFiUSD stablecoin, according to the announcement?

ASoFi's roadmap includes plans to allow members to convert SoFiUSD to tokenized deposits, offer 24/7 global mobility via blockchain, release it on the centralized exchange Bullish, and expand support to blockchains beyond Ethereum and Solana.

QWhat has happened to the price of Ethereum (ETH) as mentioned in the article?

AThe price of Ethereum has declined by over 4% in the past 24 hours, falling below the $2,000 level for the first time since late March.

QWhen did SoFi first launch the SoFiUSD stablecoin, and who was it initially available to?

ASoFi first launched the SoFiUSD stablecoin in December. Initially, it was only available for internal settlement activity and to institutions and developers, with broader availability planned for later.

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