SoFi Becomes First US National Bank to Launch Stablecoin in Consumer App

SAN FRANCISCO, CA — May 30, 2026 — SoFi Technologies announced today the launch of its proprietary stablecoin within its consumer banking application, becoming the first federally-chartered US national bank to offer a stablecoin product directly to retail users. The launch, conducted under SoFi's OCC-approved national bank charter, marks a regulatory milestone in stablecoin issuance as core banking infrastructure.

The stablecoin is immediately available to SoFi's 3.3 million members, offering 1:1 USD backing with fully audited reserves, integrated directly into the platform's existing payments, lending, and investment products.

SoFi's stablecoin enters a market dominated by Tether (USDT, $120+ billion market cap) and Circle (USDC, $30–40 billion market cap), which together control approximately 80% of the $160–180 billion stablecoin market. Unlike these issuers, SoFi's offering carries the backing of a federally-chartered institution operating under OCC oversight.

The launch coincides with accelerating institutional infrastructure development. Visa announced stablecoin settlement integration across its 70+ million merchant network, and Tether expanded into self-custodial consumer wallets in April 2026, managing assets across a combined $1.3 trillion in USDT, Bitcoin, and gold-backed tokens. Wall Street prediction market ETFs accumulated $8.7 billion in AUM within six months of approval, signaling institutional capital deployment into blockchain-adjacent products.

SoFi's stablecoin supports peer-to-peer transfers, merchant settlement, and yield-generating positions within the SoFi Invest ecosystem. The company has confirmed a phased integration roadmap with Visa's merchant network, targeting Q3 2026 for settlement capability across participating merchants. Reserve backing is maintained at 100%+ through short-duration US Treasury holdings, with monthly third-party audits published publicly.

The OCC's approval of the product under SoFi's existing national bank charter follows the CFTC's September 2024 guidance on prediction markets and the SEC's 2024 approval of Bitcoin and Ethereum ETFs.

The company has not disclosed plans for third-party exchange listings, DeFi protocol integrations, or cross-chain deployment. Geographic availability is currently limited to US-based SoFi members. International expansion timelines have not been announced.

About SoFi Technologies

SoFi Technologies, Inc. operates SoFi Bank, National Association, a federally-chartered bank regulated by the Office of the Comptroller of the Currency. The company provides consumer financial services including personal loans, home loans, student loan refinancing, credit cards, checking and savings accounts, and investment products to approximately 3.3 million members as of Q1 2026. SoFi obtained its national bank charter in January 2022. The company is headquartered in San Francisco, California, and trades on the Nasdaq under the ticker SOFI.

This press release contains forward-looking statements subject to risks including regulatory changes, competitive dynamics, market conditions, and execution uncertainties. Actual results may differ materially.

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