SoFi Partners With BitGo to Launch Bank-Issued Stablecoin on Public Blockchain
Nasdaq-Listed Fintech Moves Deeper Into Regulated Digital Dollar Infrastructure
Digital finance company SoFi Technologies is entering the stablecoin race, announcing a partnership with crypto custodian BitGo to power the infrastructure behind its upcoming digital dollar, SoFiUSD.
The move places the Nasdaq-listed fintech among the growing group of financial institutions building regulated stablecoin systems, particularly after new U.S. legislation created a clearer framework for digital dollar payments.
Under the agreement, BitGo will provide the technological backbone for issuing and managing SoFiUSD, a token pegged to the U.S. dollar and issued by SoFi Bank, a nationally chartered and federally insured deposit institution.
A Stablecoin Issued by a U.S. Chartered Bank
SoFiUSD Designed for Payments, Exchanges, and Financial Markets
The project will run through BitGo’s “stablecoin-as-a-service” platform, which allows institutions to issue digital tokens while integrating them with payment providers, cryptocurrency exchanges, and financial market participants.
According to the companies, SoFiUSD will become the first stablecoin issued by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain.
That structure could mark a turning point in how traditional banks approach blockchain-based payments.
SoFi already has a sizable financial ecosystem. The company currently serves nearly 14 million members, offering lending, banking, and investment services through its digital platform.
Its involvement with digital assets is not new. SoFi first entered the crypto market in 2019, when it introduced cryptocurrency trading through SoFi Invest. The company later strengthened its banking footprint by acquiring Golden Pacific Bancorp in 2022, securing a national bank charter and establishing SoFi Bank.
Following the stablecoin announcement, shares of SoFi Technologies rallied, reflecting investor interest in the firm’s expanding role in the digital asset economy.
U.S. Stablecoin Regulation Fuels Industry Expansion
New Federal Law Accelerates Digital Dollar Infrastructure
SoFi’s entry into the market comes as the United States moves toward a regulated stablecoin ecosystem.
The GENIUS Act, recently passed in Washington, established a federal framework governing payment stablecoins and their issuers, giving banks and fintech firms clearer legal guidance for launching digital dollar products.
With regulatory uncertainty easing, companies across the financial sector are racing to build the infrastructure needed for stablecoin-based payments and settlements.
One example is Modern Treasury, which recently introduced a payments platform capable of handling both traditional bank transfers and blockchain-based settlement rails.
The system allows businesses to settle transactions using stablecoins alongside conventional payment methods such as ACH transfers and wire payments.
It currently supports several dollar-pegged tokens, including USD Coin, Global Dollar, and Pax Dollar.
Banks and Fintech Firms Prepare for Stablecoin Adoption
Infrastructure Expands Across Financial Institutions
Another major development is unfolding in banking infrastructure networks.
Digital asset platform Stablecore recently joined the Jack Henry Fintech Integration Network, a system that connects nearly 1,700 financial institutions across the United States.
Through this integration, banks and credit unions using the network can offer stablecoin and tokenized-asset services directly within their existing banking platforms.
Taken together, these developments show that the financial sector is moving rapidly toward a hybrid system where blockchain-based digital dollars coexist with traditional payment rails.
SoFi’s stablecoin initiative is the latest sign that banks, fintech companies, and crypto infrastructure providers are preparing for a future where stablecoins play a central role in everyday financial transactions.
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