SoFi Bank Issues Stablecoin SoFiUSD with Redeemable 1:1 Value

SoFi Bank, N.A., a nationally chartered US bank regulated by the Office of the Comptroller of the Currency (OCC), has issued its own stablecoin called SoFiUSD (SOFID). This digital currency is designed to hold a steady value against the US dollar and can be used for 24/7 settlement, peer-to-peer payments, and on-chain transactions.

One key feature of SOFID is that it's redeemable 1:1 for US dollars. The bank maintains liquid assets in high-quality cash or cash equivalents to support all outstanding SOFIDs, ensuring prompt redemption at par. SoFi publishes monthly attestation reports covering the assets supporting outstanding SOFID.

SOFID is issued on Ethereum and Solana blockchains, allowing holders to withdraw directly to any Solana or Ethereum wallet address. It's available for trade on Kraken and can be used by consumers for peer-to-peer payments and on-chain transactions at any hour.