SoFi Launches First Bank-Issued Stablecoin (SoFiUSD) on Consumer Banking App

On May 27, 2026, SoFi Technologies made its U.S. dollar-backed stablecoin, SoFiUSD, available directly to its nearly 15 million members within the SoFi app. While SoFiUSD (also identified on-chain as SOFID) first launched in December 2025 for enterprise clients, this consumer rollout makes it the first stablecoin issued by a U.S. national bank to be offered directly through a consumer banking app. Members can buy, sell, hold and convert SoFiUSD in-app, with full availability expected by early June as users update to the latest version.

• Issuer and Federal Oversight: SoFiUSD is issued through SoFi Bank, N.A., a nationally chartered U.S. bank regulated by the Office of the Comptroller of the Currency (OCC) and a member of the Federal Reserve System, placing the stablecoin under federal banking supervision.

• Value and Reserves: SoFiUSD is designed to maintain a 1:1 value with the U.S. dollar. Per the SOFID Terms of Use, reserve assets consist solely of high-quality, liquid assets, which may include U.S. currency held in cash or demand deposits and other cash equivalents permitted under applicable law.

• Networks and Settlement: Members can hold, send and withdraw SoFiUSD 24/7 to any Ethereum or Solana wallet address, with no banking hours or settlement delays. Additional networks are planned.

• Reserve Verification: Per the SOFID Terms of Use, SoFi will publish reports on the total outstanding SoFiUSD and the composition of reserve assets, which may include independent third-party attestations.

• Disclosure Posture: Consistent with the GENIUS Act framework, SoFi expressly discloses that SoFiUSD "is not a deposit, is not insured by FDIC or SIPC, and is not legal tender," the disclosure language that distinguishes a payment stablecoin from a bank deposit product.

• Settlement Network Integration: In a March 2026 partnership, SoFi and Mastercard agreed to enable SoFiUSD as a settlement option across Mastercard's global payments network, including support on the Mastercard Multi-Token Network (MTN) and settlement of SoFi Bank's own card transactions in SoFiUSD.

Planned: Tokenized Deposits. SoFi has signaled that the consumer launch is the first phase of a broader roadmap. In the coming weeks, the company plans to allow members to convert SoFiUSD into tokenized deposits, deposit accounts that may earn interest and be eligible for FDIC insurance under separate account terms. The intended design lets members switch as needed: pay with SoFiUSD or convert to a tokenized deposit to put a balance to work. Notably, tokenized deposits are legally classified as bank deposits, a distinction preserved by the GENIUS Act, which treats them differently from payment stablecoins.

The GENIUS Act and a Two-Tier Model. SoFi's roadmap reflects the structural architecture the GENIUS Act created. The Act prohibits permitted payment stablecoin issuers from paying interest or yield to holders, which is why SoFiUSD itself does not bear interest and is not FDIC-insured. At the same time, the act preserves banks' existing authority to tokenize deposits, and because tokenized deposits are not "payment stablecoins," they may pay interest and inherit FDIC insurance. SoFi is effectively operationalizing both halves inside a single app: a non-yield-bearing payment stablecoin for movement and a yield-bearing, FDIC-eligible tokenized deposit for storage, with conversion between the two.

What to Watch. The convertibility mechanic sits squarely within an area regulators are still defining. In April 2026, the FDIC proposed a rule implementing the GENIUS Act's interest and yield prohibition for FDIC-supervised stablecoin issuers and insured depository institutions, including criteria for determining whether an issuer has violated the prohibition, such as through arrangements with third parties. Final regulations under the GENIUS Act are due by July 18, 2026, so the precise contours of how a two-tier stablecoin-and-tokenized-deposit product can be structured remain unsettled.