SoFi Makes Stablecoin Available to Its 14.7 Million Members

SoFi Technologies’ bank-issued, U.S. dollar-backed stablecoin SoFiUSD is now available for SoFi members to buy, sell, hold and convert directly within the SoFi app.

“Members can access SoFiUSD starting today, with full availability expected by early June as users update to the latest version of the SoFi app,” the company said in a Wednesday (May 27) press release.

The stablecoin is available on Ethereum and Solana, and it will be added to other networks, according to the release.

SoFiUSD is redeemable 1:1 for U.S. dollars from SoFi Bank, which maintains liquid assets to support all outstanding SoFiUSD. Regular attestations are performed by an independent Certified Public Accountant licensed in the United States, per the release.

Making SoFiUSD available to SoFi members will improve how money moves around the world by combining the speed and versatility of the blockchain with the trust of bank, SoFi CEO Anthony Noto said in the release.

“People no longer have to choose between blockchain technology and regulated banking products,” Noto said. “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.”

SoFi said in the release that in the coming weeks, it plans to take other steps to integrate stablecoin utility across its ecosystem. These steps include enabling SoFi members to convert SoFiUSD into tokenized deposits so they can earn interest and access FDIC insurance on the deposits; allowing SoFi members to move value across borders 24/7 year-round on the blockchain; and launching SoFiUSD on its first centralized exchange partner, Bullish, to provide seamless trading for institutional clients.

SoFi launched SoFiUSD in December 2025, saying this dollar-pegged stablecoin would allow it to act as a stablecoin infrastructure provider for banks, FinTechs and enterprise platforms. The company said it would soon make the stablecoin available to all SoFi members as well.

The company said in March that SoFiUSD was set to be enabled as a settlement option across Mastercard’s global payments network. SoFi and Mastercard said they would explore how issuers and acquirers can settle card-based transactions with Mastercard using SoFiUSD to provide faster settlement options for Mastercard customers and faster money movement for cross-border remittances, B2B money transfers and other use cases.

SoFi reported during an April earnings call that during the first quarter, it added 1.1 million new members, bringing its total to 14.7 million.