SoFi Launches First FDIC-Insured Bank-Issued Stablecoin, SoFiUSD
SoFi has made history as the first U.S. national bank to issue an FDIC-insured stablecoin, SoFiUSD. The token, fully backed by cash reserves held at the Federal Reserve, aims to streamline enterprise payments with faster, cheaper on-chain settlements.
The MOVE marks a pivotal moment in institutional adoption of blockchain technology. By leveraging its banking charter, SoFi eliminates the credit and liquidity risks plaguing crypto-native stablecoins. Real-time settlement capabilities address longstanding inefficiencies in traditional payment systems.
Initially deployed for internal use, SoFi plans to expand access to partners and businesses in coming months. The infrastructure allows white-label solutions, potentially accelerating digital payment adoption across banking and fintech sectors.
