SoFi announced on May 27 that members can begin buying, selling, holding and converting SoFiUSD directly in its app. The bank-issued dollar stablecoin is available on Ethereum and Solana, according to the company’s release.
The announcement says access starts immediately, with full availability expected by early June as members update the app. That describes a rollout, rather than simultaneous access for every user on the first day.
A stablecoin inside an existing banking interface
SoFi says SoFiUSD is redeemable one-for-one for U.S. dollars from SoFi Bank and that liquid assets support the outstanding tokens. It also describes regular attestations by an independent U.S.-licensed certified public accountant.
Putting these functions inside a banking app changes the distribution channel. Members can encounter the stablecoin alongside other financial services instead of beginning at a separate crypto exchange.
The interface does not make every product in the app legally or economically identical. A stablecoin balance and a conventional deposit still need to be distinguished by their terms and protections.
Support for Ethereum and Solana also means users need to pay attention to the network used for any transfer. A common token name does not make different destination addresses or networks interchangeable.
Several additional functions remain on the roadmap
SoFi plans to add the ability to convert SoFiUSD into tokenized deposits that could earn interest and receive deposit insurance under separate account terms.
That is a proposed additional product step. It does not mean holding the stablecoin itself already provides the interest or insurance associated with the future deposit option.
The release also describes planned cross-border movement and a future launch with exchange partner Bullish for institutional trading. Those plans are separate from the app functions made available in the May announcement.
For members, the immediate change is access to a bank-issued stablecoin within the app. The later features need their own launch confirmation and terms before being treated as available.
