SoFi’s dollar-backed stablecoin, SoFiUSD, has crossed the $100 million market cap threshold on Ethereum. For a token that only went live on May 27, 2026, that’s a notable pace of adoption, particularly given that it’s the first stablecoin issued directly through a retail banking app by a US national bank.

A regulated bank with nearly 15 million members is now actively minting stablecoins, and people are actually using them.

How SOFID works and why it’s different

SoFiUSD, trading under the ticker SOFID, is issued by SoFi Bank, N.A., which holds a national bank charter regulated by the Office of the Comptroller of the Currency. The token is redeemable 1:1 for US dollars, backed by cash reserves held at the bank’s Federal Reserve account.

Most stablecoins rely on a mix of Treasuries, commercial paper, and other short-term instruments. SOFID’s reserves sit at the Fed itself, which is about as close to “risk-free” collateral as you can get in traditional finance.

Independent attestations from Deloitte provide transparency on those reserves.

The token launched on both Ethereum and Solana, with plans to expand to additional networks. SoFi partnered with BitGo for custody and infrastructure support, while a deal with Mastercard enables global payment settlements using SOFID.

One important caveat that SoFi has been upfront about: SOFID is not a deposit. It’s not FDIC-insured, not SIPC-insured, and carries the standard blockchain risks that come with any on-chain asset.

From student loans to stablecoins

SoFi’s journey to this point has been anything but linear. The company started as a student loan refinancing platform and spent years expanding into a full-service digital financial provider. It reported $3.61 billion in revenue for 2025.

The company re-entered the cryptocurrency market in late 2025 after previously pulling back from digital asset offerings. Infrastructure work began in December 2025, setting the stage for the SOFID launch five months later.

The GENIUS Act, enacted in July 2025, established a clearer federal framework for regulated stablecoins in the US. That legislation gave banks like SoFi a more defined pathway to issue digital dollars without the regulatory ambiguity that had previously made compliance a guessing game.

What this means for investors

The Mastercard partnership is particularly worth watching. Payment settlement is where stablecoins have the clearest real-world utility, moving money faster and cheaper than legacy wire systems.

The risk calculus for SOFID holders is also distinct from other stablecoins. On one hand, the Fed-account backing and OCC oversight provide a level of regulatory comfort that most tokens lack. On the other, SoFi is a single-issuer bank, and if SoFi ever faced a bank-specific stress event, SOFID holders would be navigating uncharted territory, holding an uninsured digital asset tied to a single institution’s balance sheet.

SOFID’s presence on both Ethereum and Solana means it can serve different use cases: Ethereum for DeFi composability and institutional settlement, Solana for speed and lower transaction costs. Right now, the $100 million figure reflects Ethereum alone, suggesting that the total circulating supply across all chains may already be higher.