SoFi introduces bank-backed SoFiUSD to 14.7M users, eyes FDIC tokenized deposits and Bullish exchange tie-in

SoFi Technologies said its U.S. dollar-pegged stablecoin SoFiUSD is now available in the SoFi app for about 14.7 million members, allowing users to buy, sell, hold and convert the token. SoFiUSD initially runs on Ethereum and Solana and is issued by a U.S. nationally chartered bank embedded in a retail banking interface; SoFi has said the token is redeemable at a fixed one-to-one dollar value ^{[1] [2] [3]}.

SoFi said it will expand SoFiUSD functionality in the coming weeks to include FDIC-insured tokenized deposits, 24/7 and cross-border transfers for users, and an integration with the Bullish exchange for institutional clients, signalling a push beyond crypto trading into payments and business transactions ^{[1] [2] [3]}.

Industry reporting noted the integration into a major consumer app could enable faster settlement and broader use cases for stablecoins, and positioned SoFiUSD as a regulated, bank-backed alternative to crypto-native stablecoins ^{[4] [3]}.