SoFi Technologies to Offer SoFiUSD Stablecoin
By Elias SchisgallSoFi Technologies is offering a U.S. dollar stablecoin as it looks to open up access to its blockchain infrastructure.The digital financial services company said Thursday that SoFiUSD, which is issued and backed with 1:1 cash reserves by SoFi Bank, would enable 24/7 settlement across a public, permissionless blockchain.The stablecoin is currently available for internal settlement activity with broader availability expected within the next several months, the company said.SoFiUSD would be used for international remittances and everyday consumer point of sales purchases, and will be available as an alternative payment method on the company's Galileo payment platform.SOFi said it is now the first national bank to offer open access to stablecoin infrastructure."Companies today struggle with slow settlement, fragmented providers, and unverified reserve models," SoFi Chief Executive Officer Anthony Noto said. "SoFi is helping address these gaps by combining our regulatory strength as a national bank with transparent, fully reserved on-chain technology to provide a safer and more efficient way for partners to move funds."The move comes as SoFi is focusing more on integrating traditional banking with cryptocurrency technologies. Last month, the company began offering cryptocurrency trading to its customers.Write to Elias Schisgall at [email protected]