SoFi Partners with BitGo to Launch Bank-Issued SoFiUSD Stablecoin
SoFi Technologies has chosen digital asset custodian BitGo to provide infrastructure for the rollout of its bank-issued stablecoin, indicating continued momentum for federally regulated stablecoins used in payments and settlements, the companies said Thursday.
Under the agreement, BitGo will deliver stablecoin infrastructure for SoFiUSD, a US dollar-pegged token issued by SoFi Bank, a nationally chartered and insured depository institution. The service will be provided through BitGo’s “stablecoin-as-a-service” platform, supporting SoFiUSD issuance and connecting the token to payment providers, market participants and cryptocurrency exchanges.
According to SoFi, SoFiUSD is the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain.
SoFi Technologies is a Nasdaq-listed digital financial services firm offering lending, banking and investment products to nearly 14 million members. The company entered the digital asset market in 2019 by adding cryptocurrency trading to its SoFi Invest platform and obtained a national bank charter in 2022 following the acquisition of Golden Pacific Bancorp, forming SoFi Bank.
U.S. firms step up stablecoin infrastructure efforts
SoFi’s stablecoin initiative comes amid a broader U.S. shift toward regulated digital dollar infrastructure, following passage of the GENIUS Act, which establishes a federal regulatory framework for payment stablecoins and their issuers.
Against this backdrop, financial technology providers are expanding systems that support stablecoin-based payments and settlement.
Payment operations platform Modern Treasury recently launched an integrated payment service that supports stablecoin rails alongside traditional banking infrastructure. The system allows businesses to settle transactions in stablecoins in addition to conventional methods such as ACH transfers and wire payments.
The platform currently supports several dollar-pegged tokens, including USDC (USDC), Global Dollar (USDG) and Pax Dollar (USDP).
Separately, digital asset infrastructure firm Stablecore joined the Jack Henry Fintech Integration Network, which connects nearly 1,700 financial institutions. The integration enables banks and credit unions on the network to offer stablecoin and tokenized-asset services through their existing banking platforms.
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