Finance
What you absolutely must know:
- SoFi has introduced SoFiUSD, a U.S. dollar stablecoin that’s as trustworthy as your dog but much less furry, backed 1:1 by cash at the Federal Reserve and issued by its FDIC-insured national bank.
- This shiny new coin operates on a public blockchain, which means it’s faster and cheaper than your last dinner date-unless you went to that fancy place with the tiny forks.
- For now, it’s just playing in the sandbox of internal use, but expect it to hit SoFi members’ wallets faster than you can say “financial innovation” in the coming months.
SoFi (SOFI) has launched a U.S. dollar stablecoin, SoFiUSD, because why not make money transfers feel like a leisurely stroll instead of a marathon? It’s aiming to make your financial transactions as smooth as butter on a hot pancake.
This little marvel is brought to you by SoFi Bank, which is about as legit as it gets-FDIC-insured and nationally chartered, making it the first U.S. national bank to actually let you play with stablecoins without feeling like you’re in a shady back alley.
Oh, and last month, JPMorgan decided to jump in the pool with their deposit token, JPM Coin. But let’s be honest, nobody invites them to the party anymore.
For the moment, SoFiUSD is staying close to home, but it’s set to roll out for SoFi members soon. Just don’t ask it for a date yet.
Unlike those other crypto stablecoins that seem to disappear when you need them the most, SoFiUSD is backed 1:1 by cash held at the Federal Reserve. This means you can redeem it quicker than you can explain to your grandma what blockchain is-without worrying if the money is actually there.
Thanks to this new infrastructure, SoFi’s partners (we’re talking banks, card networks, and software firms) can now create their own white-labeled stablecoins, or seamlessly integrate SoFiUSD into their payment systems. It’s like a buffet of financial options, and everyone’s invited! 🥳
“We’re using the infrastructure we’ve built over the last decade and applying it to real-world challenges in financial services,” said SoFi CEO Anthony Noto in a statement. Translation: “We’ve been at this long enough; it’s about time we did something useful.” Companies are tired of slow settlements and confusing providers, and SoFi is here to save the day-or at least make it a bit less chaotic.
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2025-12-18 17:19