According to BBX data, the crypto market saw a convergence of news around traditional finance crypto integration and corporate reserve movements on June 3. Among the key developments, SoFi Technologies, Inc. (NASDAQ: SOFI) officially announced via BusinessWire that its stablecoin SoFiUSD is now available within the SoFi app to approximately 14.7 million members. Users can buy, sell, hold, and convert SoFiUSD seamlessly, making SoFi the first U.S. national bank to integrate a proprietary stablecoin into a banking application.
SoFiUSD (on-chain ticker SOFID) is pegged 1:1 to the U.S. dollar and operates on both the Ethereum and Solana blockchains. The stablecoin is issued by SoFi Bank, N.A., which is regulated by the Office of the Comptroller of the Currency (OCC). Its reserves are fully backed by liquid assets and subject to regular audits by an independent CPA firm. In the coming weeks, SoFi plans to roll out tokenized deposits and 24/7 cross-border transfers, while also partnering with Bullish exchange to provide institutional trading access.
Founded in 2011 as a student loan refinancing platform, SoFi has since evolved into a comprehensive financial services provider offering banking, investing, credit cards, and more. After receiving a national bank charter in 2022, its banking arm has grown rapidly. The launch of SoFiUSD signals a deepening embrace of digital assets by traditional finance under regulatory compliance, and the collaboration with Bullish further opens institutional pathways to the crypto market. SoFi CEO Anthony Noto noted that this rollout is a significant expansion of the company’s financial services capabilities.