By Nate Wolf

SoFi Technologies is giving consumers direct access to its new stablecoin, SoFiUSD, as financial institutions continue to expand their crypto offerings against a friendlier regulatory backdrop.

Users will now be able to buy, sell, hold, and convert their SoFiUSD holdings to U.S. dollars directly in the SoFi app. The stablecoin will allow users to move money more quickly but still within a regulated banking ecosystem, SoFi said.

SoFi introduced SoFiUSD, which is pegged to the greenback, late last year, but it was only available to enterprise partners like card networks and retailers. With Wednesday's announcement, SoFiUSD becomes the first stablecoin issued by a U.S. national bank to be available directly on a banking app.

In the coming weeks, SoFi plans to allow members to convert SoFiUSD into interest-bearing tokenized deposits and make 24/7 international money transfers via blockchain technology. SoFi will also launch SoFiUSD on its centralized exchange partner, Bullish, to facilitate institutional trading.

"With SoFiUSD, we're giving our members a single place to buy, hold, and pay with digital assets in the same app they already use to save, spend, borrow, and invest," said CEO Anthony Noto in a statement.

Financial services companies are increasingly embracing stablecoins, which are cryptocurrencies pegged to assets like the dollar. Visa and Mastercard have beefed up their stablecoin infrastructure. Meanwhile, companies like SoFi and Fiserv have unveiled their own coins. The passage of the Genius Act last July established legal guidelines for stablecoins and spurred even more excitement about the asset class.

The question now is how many people will actually use coins like SoFiUSD. Stablecoins have natural use cases for enterprises, namely fast, round-the-clock settlement, but securing mass buy-in from consumers will be a tougher battle.

"SoFiUSD is designed for members who already engage with crypto but want a safer way to do it," a SoFi spokesperson said about attracting users. "SoFi is a nationally chartered bank, with robust compliance, comprehensive oversight, and a steadfast commitment to consumer protection -- it is the exact environment where stablecoin adoption should happen."

One potential attraction is that stablecoin issuers may be able to pay users a yield on their deposits, though the legal status of those payments is murky. Banks have fought back against stablecoin yield, arguing it could siphon deposits away from banks and limit access to credit.

A compromise now included in the Clarity Act, a crypto regulation bill slowly moving through Congress, would allow stablecoin issuers to offer rewards on certain activities but prohibit bank-like interest on idle holdings.

SoFi said it would be able to pay interest on its deposit base because it is a bank.

"SoFi is a strong supporter of the CLARITY Act and believes Congress should move swiftly to enact the law to advance American competitiveness globally, create a durable regulatory environment, and facilitate responsible innovation for digital assets," a company spokesperson added.

SoFi stock has had a rough first half of 2026, falling 39% as of Tuesday's close of trading. It remains up 22% in the last 12 months after a hot 2025.

Write to Nate Wolf at nate.wolf@barrons.com

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May 27, 2026 07:01 ET (11:01 GMT)

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