SoFi launches bank-issued stablecoin SoFiUSD on Polygon
SoFi Bank has expanded its SoFiUSD stablecoin to Polygon, marking the bank-issued token's third blockchain network after Ethereum and Solana.
SoFi Bank's dollar stablecoin, SoFiUSD, is now live on Polygon, making the network its third supported blockchain following earlier rollouts on Ethereum and Solana, according to a press release from Polygon Labs. SoFi users can buy, sell, hold, and convert the token on Polygon directly within the SoFi app without setting up a separate crypto wallet or manually bridging assets between networks.[1][2][3]
SoFi bills SoFiUSD as the first stablecoin issued by a U.S. national bank. Its issuer, SoFi Bank, N.A., operates under oversight from the Office of the Comptroller of the Currency. The company initially launched the token in December 2025 as settlement infrastructure for banks, fintech firms, and enterprise partners, before opening app access to its retail members on Ethereum and Solana in May. The token is redeemable one-for-one for U.S. dollars, but it is not classified as a bank deposit and carries no FDIC or SIPC insurance.[2][3]
On Polygon, SoFiUSD integrates into the network's Open Money Stack payments framework alongside PayPal USD, Circle's USDC, and Tether's USDT. Ahead of the launch, crypto custodian BitGo merged SoFiUSD token definitions for Polygon, Tempo, and Monad into its open-source software library on July 31. SoFi reported having 17.1 million members at the end of September.[2][3]
Key facts
- SoFiUSD is now live on Polygon, its third blockchain after Ethereum and Solana.
- SoFi members can trade, hold, and convert SoFiUSD on Polygon inside the SoFi app without a separate wallet or manual network bridging.
- SoFi Bank, N.A., the issuer of SoFiUSD, is regulated by the Office of the Comptroller of the Currency.
- SoFi launched SoFiUSD in December 2025 for institutional settlement and expanded access to app members in May.
- SoFiUSD is redeemable one-for-one for U.S. dollars, is not a bank deposit, and is not insured by the FDIC or SIPC.
- SoFiUSD joins PYUSD, USDC, and USDT on Polygon's Open Money Stack payments layer.
- BitGo added SoFiUSD token definitions for Polygon, Tempo, and Monad to its open-source repository on July 31.
- SoFi reported 17.1 million members at the end of September.
Sources · 3 sources
- LS
Laura Shin@laurashinPost on X ·
SoFi members can now trade and hold SoFiUSD on Polygon inside the SoFi app, with no separate crypto wallet or manual bridging, according to Polygon Labs. https://t.co/mnhkokq2Fp
Open source - UN
UnchainedArticle ·
SoFi’s Bank-Issued Stablecoin SoFiUSD Goes Live on Polygon, Its Third Blockchain SoFiUSD , the dollar stablecoin issued by SoFi Bank , is now live on Polygon , making the network the token’s third blockchain after Ethereum and Solana, Polygon Labs said in a press release on Thursday. SoFi members can buy, sell, hold and convert SoFiUSD on Polygon inside the SoFi app, with no separate crypto wallet and no manual bridging of tokens between networks, according to the release. SoFi reported 17.1 million members at the end of September. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . A Bank-Issued Dollar SoFi describes SoFiUSD as “the first stablecoin issued by a U.S. national bank.” Its issuer, SoFi Bank, N.A., is overseen by the Office of the Comptroller of the Currency (OCC), the federal regulator of national banks. SoFi launched the token in December 2025 as settlement plumbing for banks, fintechs and enterprise partners, then opened it to members in the app in May on Ethereum and Solana, saying more networks would follow. The token can be redeemed one-for-one for U.S. dollars. It is not a bank deposit and carries no insurance from the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC), the release said. BitGo had prepared for SoFiUSD on Polygon more than three months earlier: on July 31, the crypto custodian merged SoFiUSD token definitions for Polygon and the Tempo and Monad blockchains into its open-source software library. Polygon’s Payments Push SoFiUSD plugs into Polygon’s Open Money Stack , a payments layer that, per the release, lets a bank or fintech connect customer accounts to stablecoins and local currencies without stitching together multiple vendors. Polygon Labs set out the framework this year as part of the network’s shift toward payments . According to the release, SoFiUSD joins PayPal USD (PYUSD), Circle’s USDC and Tether’s USDT on the Stack. “We definitely don’t compete on the stablecoins themselves,” Polygon Labs CEO Marc Boiron in January told Unchained when asked how Polygon would stand out in a crowded stablecoin field. “This is very intentional. Many of those that you named do compete on the stable coins themselves, which creates issues because people do want to use different stable coins. And as we’ve seen, businesses want to create their own stable coins and actually earn the revenue off of those.” Related Listen: Why Banks Failed to Kill Stablecoin Rewards in the Clarity Act The post SoFi’s Bank-Issued Stablecoin SoFiUSD Goes Live on Polygon, Its Third Blockchain appeared first on Unchained .
Open source - DE
DecryptArticle ·
SoFi Brings Its Bank-Issued Stablecoin to Polygon’s Payments Stack SoFiUSD, the first stablecoin from a U.S. national bank, is now live on Polygon Open Money Stack alongside Ethereum and Solana.
Open source