SoFi Bank has added SoFiUSD to its consumer app, giving 14.7 million members the ability to buy, sell and hold a U.S. national bank-issued stablecoin inside the same platform they use for banking, investing, borrowing and crypto access.
The launch makes SoFiUSD available directly through SoFi’s banking platform, moving the product beyond enterprise settlement infrastructure and into the consumer interface. Members can access SoFiUSD now, with full availability expected by early June as users update to the latest version of the app.
SoFiUSD is issued by SoFi Bank, N.A. and is designed as a 1:1 redeemable U.S. dollar stablecoin. It is available on Ethereum and Solana, with additional networks planned. The token is backed by liquid assets supporting outstanding supply and includes regular independent CPA attestations, giving SoFi a regulated-bank angle in a market still dominated by crypto-native issuers such as Tether, Circle and Paxos.
The product also carries an important user-risk distinction. SoFiUSD is not a deposit, is not FDIC or SIPC insured, is not legal tender and may lose value. That makes the consumer rollout different from a standard checking-account balance, even though it sits inside a banking app run by an OCC-regulated national bank.
Bank-Led Stablecoins Move Into The App Layer
The consumer launch gives SoFi a direct role in one of the most important stablecoin battles: who controls the user-facing dollar wallet. Crypto exchanges built the first large stablecoin distribution networks. Payment firms are now pushing stablecoins into merchant settlement, cross-border transfers and treasury products. Banks are starting to bring the same rails inside regulated financial apps.
SoFi’s roadmap points in that direction. The company plans to build conversion from SoFiUSD into tokenized deposits, where separate deposit-account terms would apply and members could access interest and FDIC insurance on the deposit side. It also plans cross-border value movement through blockchain rails and a Bullish exchange listing for institutional liquidity.
The Mastercard partnership adds another layer. SoFiUSD is expected to support settlement across Mastercard’s global payments network, including card-based settlement use cases through Galileo, SoFi’s technology platform. That gives the stablecoin a route into business payments, issuer settlement and 24/7 money movement rather than only app-based holding.
