SoFi is expanding access to its bank-issued stablecoin, SoFiUSD.
In a rollout reported by The Block, the company said it is delivering SoFiUSD to 14.7 million members inside its banking app. The stablecoin runs on Ethereum and Solana.
That’s the core move. SoFiUSD stays tied to SoFi’s banking relationship while expanding the chain footprint to two large ecosystems at once.
Why it matters
Stablecoins that land inside a regulated customer app are different from “crypto-native” issuance and redemption flows. Here, the distribution lever is SoFi’s existing user base, not just on-chain demand.
And by using Ethereum and Solana, SoFiUSD avoids betting everything on a single network for transfers, liquidity, and user routing. That can matter for day-to-day usage, even if the stablecoin’s promise still depends on how easily users can move in and out.
Market impact
This update is less about price and more about distribution.
When a mainstream financial app expands stablecoin availability, it can widen the addressable market for stablecoin holders. It also increases the number of venues where SoFiUSD can show up in on-chain activity because it is deployed on both Ethereum and Solana.
Still, any stablecoin asset carries risk. The on-chain presence does not remove questions about issuer controls, redemption mechanics, and operational safeguards.
| Item | What SoFi announced | Source |
|---|---|---|
| Stablecoin | SoFiUSD, bank-issued | The Block |
| Audience | 14.7 million members inside SoFi app | The Block |
| Networks | Ethereum and Solana | The Block |
What to watch next
The Block’s report confirms the rollout and the networks. The next real questions will be practical ones.
First, how fast SoFiUSD functionality expands within the app. Second, what redemption and transfer options users get at launch versus later. Third, whether SoFi adds more chains or stays limited to Ethereum and Solana.
For now, this is a straightforward step: SoFiUSD moves from a product position into wider, app-based distribution for a very large customer pool.