SoFi has switched on SoFiUSD, its dollar-pegged stablecoin, inside its retail banking app for a member base of nearly 15 million. As of May 29, 2026, those members can buy, sell, and hold the token in the same app they bank in. The detail that matters: SoFi says this is the first US national bank-issued stablecoin to live on a banking app. A regulated bank, not a crypto-native firm, now sits behind a token parked next to a customer's checking balance.

  • SoFiUSD, pegged to the US dollar, is now buyable, sellable, and holdable in SoFi's retail app for nearly 15 million members (as of May 29, 2026).
  • The token runs on Ethereum and Solana. SoFi first issued it in December for internal and institutional use; this is the retail switch-on.
  • Reserves and the auditor behind the token are not disclosed in the announcement.
  • This is billed as phase one. Tokenized deposits, 24/7 transfers, and a Bullish exchange listing are promised for the next few weeks, not live today.

What did SoFi actually launch?

A dollar-pegged token, now in member hands. SoFiUSD holds its value against the US dollar and runs on two public blockchains, Ethereum and Solana, which SoFi calls two of the most-used networks for transactions.

This is a switch-on, not a debut. SoFi first issued SoFiUSD in December, becoming the first US national bank to put a stablecoin on a public blockchain. Back then the token only handled internal settlement and was open to institutions and developers, with broader access flagged for later. This is the later. Members can now hold it alongside the products they use to save, spend, borrow, and invest.

SoFi, short for Social Finance, is a US fintech that operates as a direct bank with a national charter. CEO Anthony Noto framed the move as killing off a choice customers used to face. "People no longer have to choose between blockchain technology and regulated banking products," he said. "With SoFiUSD, we're giving our members a single place to buy, hold, and pay with digital assets in the same app they already use to save, spend, borrow, and invest."

What moved it now?

Nothing sudden. This is the next step on a path SoFi has been walking for months. The bank started offering crypto trading to US customers in November, the first national bank to do so, then issued SoFiUSD in December for internal and institutional use. Turning the token on for retail buyers is the piece the company already said was coming.

SoFi calls this phase one of a longer roadmap. Over the next few weeks it plans to let members convert SoFiUSD into tokenized deposits, move money around the clock and across borders over the blockchain, and list the token on its first centralized exchange partner, Bullish. It also says it will support chains beyond Ethereum and Solana. No names. No dates.

What does the announcement not tell you?

The backing. SoFi has not disclosed how the token is collateralized, what reserves sit behind it, or who audits them. The release leans on the "first US national bank stablecoin on a banking app" line, which is a claim about sequencing, not scale. So it says nothing about how many of those 15 million members will actually touch it.

The roadmap carries its own gaps. Tokenized deposits, 24/7 transfers, and the Bullish listing are framed as plans for "the next few weeks," not features shipping today. The promise of more chains comes with no names and no timeline. And this is a company press release, so the upbeat framing is SoFi's own.

It also lands into a soft tape. In the 24 hours before the report, the broader crypto market fell, and Ethereum was among the weaker top coins, down more than 4% and below $2,000 for the first time since late March. Here is what that does not tell you: a stablecoin holds its peg by design, so a sliding ETH price changes nothing about what a SoFiUSD holder owns. It sets the mood, not the value. A bank is widening retail crypto access while one of the two chains it picked trades at a multi-month low.

What are we watching?

The timeline first. Whether the next-few-weeks roadmap actually ships when SoFi says it will is the nearest test, because tokenized deposits, 24/7 transfers, and the Bullish listing are all promised and none are live. Then the chain question: SoFi has committed to going beyond Ethereum and Solana but named neither a chain nor a date. The bigger catalyst sits one level up. SoFi has put a dollar stablecoin straight inside a retail banking app under a national charter. The next print to watch is whether a second national-charter bank moves to match it, or whether this stays one bank's solo bet.