SoFi has expanded its SoFiUSD stablecoin to Solana, opening it to nearly 15 million app members. The token is issued directly by SoFi Bank, N.A., a U.S. national bank regulated by the Office of the Comptroller of the Currency. As a result, SoFiUSD becomes the first stablecoin from a nationally chartered, FDIC-insured U.S. bank to live on a public, permissionless chain. Each token is fully reserved and redeems 1:1 for dollars through SoFi Bank itself. That structure separates it from issuers like Circle, Tether, and Paxos, which are not OCC-chartered banks.
The expansion lands roughly six months after the original Ethereum launch on December 18, 2025. Importantly, SoFiUSD is now exposed to a retail base, not just enterprise pilots. SoFi members can buy, hold, sell, and convert the token inside the same app they use for checking, lending, and brokerage. CEO Anthony Noto framed the December debut bluntly. He said, “People no longer have to choose between blockchain technology and regulated banking products.”
BREAKING: @SoFi launches SoFiUSD (SoFiD) on Solana.
— Solana (@solana) May 27, 2026
The first stablecoin issued by a U.S. nationally chartered bank. https://t.co/llYryRZXEy pic.twitter.com/h4aFV0bL0z
Why SoFi Picked Solana for Payments
Ben Reynolds, SoFi’s head of business banking, revealed the Solana rollout at Solana Accelerate Miami 2026. His reasoning focused on the chain’s payment economics. He said, “Solana is the right chain to use for payments because of the cost, the settlement speed and ultimately the throughput.” Ethereum remains the home network for institutional flows and treasury rails. However, Solana offers the sub-cent fees and sub-second finality that retail card and remittance volume actually need.
The choice also aligns with how Solana has positioned itself in 2026. Major institutions like State Street and J.P. Morgan used the same Accelerate event to roll out new on-chain products. Consequently, SoFi joins a growing institutional lineup using Solana as a settlement layer. For SoFi, the goal is clearly real payment use cases, not speculation.
Ben Reynolds, Head of Big Business Banking on why @SoFi picked Solana.
— Solana (@solana) May 27, 2026
“Solana is the right chain to use for payments because of the cost, the settlement speed and ultimately the throughput”pic.twitter.com/odN2juECij
How the Token Is Structured
SoFiUSD, ticker SoFiD, is a fully reserved digital dollar held against cash at SoFi Bank. The token was built on BitGo’s stablecoin-as-a-service platform, which handles minting and infrastructure. Reserves sit inside an OCC-regulated insured depository institution, not a trust company or offshore entity. In other words, the issuer carries full bank-grade prudential oversight. That regulatory wrapper is the entire pitch.
The launch also benefits from new legislative cover. After passage of the GENIUS Act, U.S. banks gained a clear path to issue dollar-pegged tokens. SoFi is among the first to actually execute on that opening. Additionally, the company has signaled future product extensions. Those include interest-bearing tokenized deposits, FDIC-insured account features, and 24/7 cross-border transfers.
The Mastercard and Galileo Distribution Engine
Distribution will likely decide whether SoFiUSD becomes meaningful infrastructure. In March, SoFi extended its partnership with Mastercard. As part of that deal, SoFiUSD became a designated settlement currency across Mastercard’s global network. That single integration connects the token to merchants, card issuers, and acquirers worldwide.
SoFi is also tying SoFiUSD to its Galileo banking-as-a-service business. Galileo powers backend payments for hundreds of fintech clients. As a result, those partners can plug into 24/7 stablecoin settlement without building blockchain infrastructure themselves. Institutional access is coming through the Bullish exchange. Together, the stack covers retail users, fintech platforms, card networks, and institutional traders.
How SoFiUSD Compares to USDC, USDT, and PYUSD
The competitive map looks different now. USDC is issued by Circle under state money transmitter licenses. Tether’s USDT operates from an offshore base. PYUSD comes from Paxos, a New York trust company partnered with PayPal. None of those issuers hold a U.S. national bank charter. By contrast, SoFiUSD sits inside a fully regulated bank with FDIC insurance on deposit balances.
For institutions weighing counterparty risk, that distinction matters. Sheila Warren of the Crypto Council framed the launch as proof that “this is what GENIUS enabled.” Meanwhile, SoFi gains a clear differentiation pitch. The token offers public-chain composability with the supervisory regime of a chartered bank behind it.
What Comes Next
Full rollout to the 15 million-member base should complete by early June 2026. After that, the focus shifts to interest-bearing tokenized deposits and B2B cross-border use cases. SoFi has set a high bar with this launch. Other U.S. banks now have a working blueprint and a regulated template to follow. Watch for issuers like JPMorgan, Citi, and regional banks to test similar models on Solana and Ethereum.
For Solana specifically, this is a strong validation. A nationally chartered bank now treats the network as core payment infrastructure, not an experiment.
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