SoFi Technologies announced it will begin issuing its stablecoin, SoFiUSD, on the Solana blockchain, citing the network’s cost efficiency, settlement speed, and throughput capabilities. Ben Reynolds, SoFi’s head of big business banking, said on Tuesday: “We think it is the right chain to use for payments, partially because of the cost, partially because of the settlement speed and ultimately the throughput.”
SoFiUSD Background and Deployment
SoFi launched SoFiUSD in December 2025 as a fully reserved U.S. dollar stablecoin issued by SoFi Bank, a nationally chartered bank. The stablecoin was initially deployed on Ethereum, with plans to extend to other networks over time. The Solana deployment represents the first expansion beyond Ethereum.
SoFi positioned SoFiUSD to serve as stablecoin infrastructure for banks, fintechs, and enterprise platforms. Last month, SoFi extended its partnership with Mastercard to enable SoFiUSD to function as a settlement currency across Mastercard’s global payments network.
Broader Stablecoin Market Context
SoFi’s move aligns with a wider trend among financial institutions entering the stablecoin space. PayPal has already launched a stablecoin, and Bank of America has indicated it may follow. This week, Western Union also launched its stablecoin on Solana to serve as a 24/7 settlement asset across its global payment network.
Tether, issuer of USDT, and Circle, which issues USDC, currently dominate the global stablecoin market. The stablecoin market is valued at approximately $300 billion. Following the passage of U.S. stablecoin legislation last year, analysts expect the market to expand from current levels into trillions within the decade as major Wall Street firms adopt or issue their own tokens.
SoFi’s Crypto Expansion
The stablecoin launch is part of SoFi’s broader push into cryptocurrency services. In November, the bank began offering crypto trading services to consumers, complementing its existing banking and fintech offerings.
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