SoFi Technologies has chosen digital asset custodian BitGo to power the rollout of SoFiUSD, a US dollar-pegged stablecoin issued by SoFi Bank, a nationally chartered and insured depository institution. The companies disclosed the arrangement on Thursday.
BitGo will provide stablecoin infrastructure through its “stablecoin-as-a-service” platform, handling token issuance and connecting SoFiUSD with payment providers, market participants and cryptocurrency exchanges. SoFi claims SoFiUSD is the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain.
What SoFi Brings to the Table
SoFi Technologies, listed on Nasdaq under the ticker SOFI, operates a digital finance platform serving nearly 14 million members across lending, banking and investment products. The company entered crypto in 2019 through its SoFi Invest platform and secured a national bank charter in 2022 after acquiring Golden Pacific Bancorp, establishing SoFi Bank as its regulated banking arm.
Shares of SOFI rallied following Thursday’s announcement, reflecting investor interest in the company’s move into regulated digital dollar infrastructure.
The GENIUS Act as a Catalyst
SoFi’s stablecoin push arrives in the wake of the GENIUS Act, which establishes a federal regulatory framework for payment stablecoins and their issuers in the United States. The legislation has accelerated activity across the financial sector, with banks and fintechs moving quickly to build the rails needed to support stablecoin payments and settlement at scale.
The timing is deliberate. A federally chartered bank issuing a stablecoin under a clear legal framework represents a materially different risk profile than earlier generations of crypto-backed tokens issued by unregulated entities.
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A Broader Infrastructure Build-Out
SoFi and BitGo are not alone in this space. Payment operations platform Modern Treasury recently launched an integrated payment service supporting stablecoin rails alongside traditional banking infrastructure, enabling businesses to settle transactions using digital dollars in addition to ACH transfers and wire payments. The platform supports USDC, Global Dollar (USDG) and Pax Dollar (USDP).
Digital asset infrastructure company Stablecore has also joined the Jack Henry Fintech Integration Network, which connects nearly 1,700 financial institutions. That integration allows banks and credit unions on the network to offer stablecoin and tokenized-asset services through their existing platforms.
- SoFiUSD issued by SoFi Bank, a nationally chartered, insured depository institution
- BitGo provides issuance infrastructure and exchange connectivity via its stablecoin-as-a-service platform
- Modern Treasury now supports USDC, USDG and USDP alongside ACH and wire settlement
- Stablecore’s Jack Henry integration reaches nearly 1,700 financial institutions
What is taking shape is less a single product launch and more a systematic effort by regulated financial institutions to wire stablecoin capability into existing payment infrastructure. SoFi and BitGo’s partnership is one visible piece of that larger build-out.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial or investment advice.
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