SoFi Technologies has chosen digital-asset custodian BitGo to support the rollout of its bank-issued stablecoin, underscoring growing momentum for federally regulated stablecoins used in payments and settlements.
Under the agreement, BitGo will supply stablecoin infrastructure services for SoFiUSD, a US dollar–pegged token issued by SoFi Bank, a nationally chartered and insured depository institution, the companies said. The work will be delivered via BitGo’s “stablecoin-as-a-service” platform, which will support issuance of SoFiUSD and help connect the token to payment providers, market participants and cryptocurrency exchanges.
SoFi says SoFiUSD is the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain.
SoFi Technologies is a Nasdaq-listed digital finance company serving nearly 14 million members with lending, banking and investment products. The firm entered the crypto space in 2019 by adding cryptocurrency trading on SoFi Invest and secured a national bank charter after acquiring Golden Pacific Bancorp in 2022, establishing SoFi Bank.
Shares of SoFi Technologies (SOFI) rose following the announcement.
US companies race to build stablecoin infrastructure
SoFi’s move comes amid a broader shift toward regulated digital-dollar infrastructure in the US, accelerated by passage of the GENIUS Act, which creates a federal regulatory framework for payment stablecoins and their issuers. Against this backdrop, fintech firms and infrastructure providers are expanding systems to support stablecoin payments and settlement.
Payment-operations platform Modern Treasury recently launched an integrated payment service that supports stablecoin rails alongside traditional banking methods, enabling businesses to settle transactions using stablecoins as well as ACH transfers and wires. The platform supports several dollar-pegged tokens, including USDC, Global Dollar (USDG) and Pax Dollar (USDP).
Separately, digital-asset infrastructure company Stablecore joined the Jack Henry Fintech Integration Network, which connects nearly 1,700 financial institutions. That integration allows banks and credit unions on the network to offer stablecoin and tokenized-asset services through their existing banking platforms.
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