Overview
- The platform, announced Thursday, lets companies hold deposits, move funds, and settle transactions at any hour in U.S. dollars, SoFiUSD, or selected cryptocurrencies within SoFi Bank.
- SoFiUSD can be minted and redeemed inside the bank with reserves kept on SoFi’s balance sheet, positioning the token as a wholesale settlement asset rather than a consumer coin.
- Transactions will run on Solana alongside other networks, and early participants include Cumberland, Bullish, BitGo, B2C2, Fireblocks, Wintermute, Galaxy, Jupiter, Mesh Payments, and Mastercard.
- SoFi is offering regulated business accounts with FDIC safeguards, API-based real-time payments, and direct Federal Reserve access in one interface that replaces multiple providers.
- SOFI shares fell after Thursday’s debut in several reports and then edged higher Friday, as KBW called the partner roster impressive but kept an Underperform rating due to regulatory and operational hurdles.