SoFi Makes History: First U.S. National Bank to Issue Stablecoin on Public Blockchain

SoFi just rewrote the rulebook—and Wall Street's playbook.

The digital finance platform turned national bank dropped a crypto bombshell: it's issuing a U.S. dollar-pegged stablecoin directly on a public blockchain. No intermediaries, no permissioned ledgers, no regulatory gray area. This isn't a pilot program or a partnership—it's a full-throated declaration that traditional finance's infrastructure just got a public upgrade.

The Bridge Just Got Built

For years, stablecoins lived in a parallel financial universe. Big banks dabbled in private, walled-garden blockchains, while public chains hosted the vibrant—and volatile—world of decentralized finance. SoFi's move smashes that divide. By issuing as a nationally chartered bank, they bring the full weight of federal oversight and deposit insurance implications into the transparent, 24/7 world of public ledgers. It's not just a token; it's a legally recognized financial instrument on a global settlement layer.

Why This Cuts Through the Noise

Forget the speculative frenzy. This is about utility. A bank-issued stablecoin on a public chain acts like a high-speed rail line between traditional banking and decentralized applications. It means your insured deposits could, in theory, seamlessly fund a yield-generating position in a lending protocol or settle a cross-border invoice in seconds—all while the bank maintains the ledger. It bypasses the clunky correspondent banking system and puts the liquidity where the action is.

The Regulatory Green Light (and Red Tape)

This didn't happen in a vacuum. SoFi's bank charter is the key that unlocked this door. It signals that federal regulators, after years of hesitation, are providing a clearer runway for blockchain integration within the existing banking framework. The cynical take? The old guard finally figured out they can't beat the transparency and efficiency of public blockchains, so they're deciding to join them—with all the fees and control they can muster. It's adoption, with a banker's spread.

The genie isn't just out of the bottle—it's now a federally regulated financial entity. The race to merge traditional finance with the decentralized future just hit ludicrous speed.

The company announced the launch of SoFiUSD, a fully reserved stablecoin issued by SoFi Bank, N.A., positioning the bank not only as a consumer-facing issuer but also as an infrastructure provider for other banks, fintech firms, and enterprise platforms.

SoFi Brings Stablecoins Inside the Banking System

According to SoFi, the stablecoin is live for internal settlement activity and will be made available to SoFi members in the coming months.

The launch places SoFi at the center of a fast-moving shift in U.S. financial regulation, where federal agencies are beginning to formally integrate blockchain-based payment instruments into the banking system rather than treating them as an external risk.

SoFiUSD is issued directly by SoFi Bank, an OCC-regulated and FDIC-insured depository institution, and is backed one-to-one by cash reserves held at the Federal Reserve.

That structure seeks immediate redemption while avoiding credit or liquidity risk tied to commercial paper or other yield-bearing instruments.

As a national bank, SoFi is required to provide certified reserve reporting under the rules established by the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS Act, which was signed into law in July 2025.

GENIUS Act Ends Years of Stablecoin Uncertainty for U.S. Banks

The GENIUS Act created the first comprehensive federal framework for payment stablecoins in the United States.

It permits insured depository institutions to issue stablecoins through approved structures, provided they meet strict reserve, disclosure, and supervisory requirements.

Updated guidance from the OCC and FDIC followed in the months after the law’s passage, explicitly allowing banks to engage in stablecoin issuance, custody, and tokenized settlement under a defined rulebook.

OCC authorizes US banks to facilitate client crypto trades through riskless principal transactions, removing structural barriers to digital asset services.#OCC #USbanks #Cryptohttps://t.co/e2BCyJG9hc

That clarity reversed years of uncertainty that had previously forced SoFi to pause its crypto services in 2023.

SoFi said the stablecoin will be used across a range of settlement functions, including crypto trading, card network settlement, merchant payments, and international remittances.

For users in countries with volatile currencies, the company plans to support SoFiUSD as a dollar-denominated balance within debit or secured credit products.

The launch comes as the stablecoin market continues to grow rapidly. Data from DefiLlama shows the total stablecoin market capitalization at roughly $309 billion, with Tether’s USDT accounting for more than $186 billion and Circle’s USDC close to $78 billion.

Analysts project that the global stablecoin market could exceed $3 trillion by 2030, driven by demand for faster settlement, lower-cost cross-border payments, and access to dollar liquidity outside the traditional banking system.

Stablecoins Step Into the Mainstream as U.S. Oversight Tightens

Regulatory momentum has accelerated alongside market growth. On December 16, the FDIC approved a proposed rule outlining how FDIC-supervised banks can apply to issue payment stablecoins under the GENIUS Act.

U.S. banks are cleared to issue dollar-backed stablecoins under a federal framework as @FDICgov unveils draft rules under the GENIUS Act.#Stablecoins #FDIC #GENIUShttps://t.co/TelgvOhEAg

The proposal establishes a formal application process and confirms that only approved entities, known as permitted payment stablecoin issuers, can issue such assets in the U.S.

The OCC has conditionally approved five crypto firms, including @Circle and @Ripple, to launch national trust banks.#Ripple #Circlehttps://t.co/wCeTNrhOQZ

Earlier this month, the OCC also conditionally approved several crypto firms, including Circle and Ripple, to pursue national trust bank charters, bringing more digital-asset companies under a single federal supervisory framework.