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Quick take:
SoFiUSD will enable SoFi to serve as a stablecoin infrastructure provider for banks, fintechs, and enterprise platforms.
By leveraging SoFi’s institutional-grade infrastructure, institutions and fintechs will be able to streamline their operations with faster and more efficient money movement.
Partners will not only be able to use SoFiUSD for crypto trading business, but also by card networks, retailers, or businesses that want safer, faster, and lower-cost 24/7 settlement.
SoFi Technologies, the leading digital financial services provider, has launched SoFiUSD, a fully reserved U.S. dollar stablecoin issued by SoFi Bank, N.A. According to the announcement on the SoFi website, SoFiUSD enables SoFi to serve as a stablecoin infrastructure provider for banks, fintechs, and enterprise platforms.
Partners will be able to leverage SoFi’s institutional-grade infrastructure to streamline their operations with faster and more efficient money movement, allowing them to manage liquidity with more confidence and deliver faster and more transparent services to their customers.
The SoFiUSD stablecoin is fully reserved 1:1 by cash for immediate redemption capability. And as a chartered bank, it is able to keep deposits in cash at its Federal bank account, thereby eliminating liquidity risk and credit risk.
Banks, fintechs, and enterprise partners will also be able to leverage SoFi’s regulatory, operational, and reserve framework to issue white-label stablecoins or integrate SoFiUSD into their settlement flows.
Commenting on the announcement, Anthony Noto, CEO of SoFi, said in a statement: With SoFiUSD, we’re using the infrastructure we’ve built over the last decade and applying it to real-world challenges in financial services. Companies today struggle with slow settlement, fragmented providers, and unverified reserve models. SoFi is helping address these gaps by combining our regulatory strength as a national bank with transparent, fully reserved on-chain technology to provide a safer and more efficient way for partners to move funds.“
Partners will not only be able to use SoFiUSD for crypto trading business, but also by card networks, retailers, or businesses that want safer, faster, and lower-cost 24/7 settlement, the company said.
The digital financial services company also plans to integrate SoFiUSD for international remittance and everyday consumer point-of-sale purchases.
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