SoFi Technologies has tapped digital-asset custodian BitGo to provide infrastructure for its bank-issued stablecoin, SoFiUSD, signaling growing demand for federally regulated stablecoins in payments and settlement.
Under the agreement, BitGo will deliver “stablecoin-as-a-service” support for SoFiUSD, a U.S. dollar–pegged token issued by SoFi Bank, a nationally chartered and insured depository institution. BitGo’s platform will help issue SoFiUSD and connect the token to payment providers, market participants and cryptocurrency exchanges.
SoFi says SoFiUSD is the first stablecoin issued by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain.
SoFi Technologies, a Nasdaq-listed digital finance company serving nearly 14 million members, offers lending, banking and investment products. The firm entered the crypto space in 2019 by adding cryptocurrency trading on SoFi Invest, and it secured a national bank charter after acquiring Golden Pacific Bancorp in 2022, creating SoFi Bank. Shares of SoFi Technologies (SOFI) rose after the announcement.
The move comes amid a broader push to build regulated digital-dollar infrastructure in the U.S., driven in part by the GENIUS Act’s establishment of a federal framework for payment stablecoins and their issuers. Fintechs and infrastructure providers are expanding offerings to support stablecoin-based payments and settlement.
For example, Modern Treasury recently launched an integrated payments service that supports stablecoin rails alongside ACH transfers and wires, enabling businesses to settle transactions using stablecoins as well as traditional banking methods. That platform supports several dollar-pegged tokens, including USDC, Global Dollar (USDG) and Pax Dollar (USDP).
Separately, digital-asset infrastructure firm Stablecore joined the Jack Henry Fintech Integration Network, which links nearly 1,700 financial institutions. That integration lets banks and credit unions on the network offer stablecoin and tokenized-asset services through their existing banking platforms.
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