Overview
- SoFi Big Business Banking, unveiled Thursday, lets enterprises hold dollars, convert to a bank‑issued token called SoFiUSD, and move funds at any hour inside SoFi’s regulated bank.
- SoFiUSD is minted and burned on demand within the bank with reserves held on SoFi’s balance sheet, enabling instant switches between deposit dollars and a digital token for settlement.
- The platform offers API-driven payments and taps blockchain networks, including Solana, to process transactions in near real time outside traditional banking hours.
- Launch partners span trading, custody, and payments, including Cumberland, Wintermute, Galaxy, BitGo, Bullish, B2C2, Fireblocks, Jupiter, Mesh Payments, and Mastercard.
- SoFi’s stock fell about 1.6% to $15.63 after the announcement, and the company cautioned about regulatory and execution risks as it scales the new service.