Overview
- SoFi Bank, N.A. began issuing SoFiUSD on May 27 and made the token available inside the SoFi consumer app so members can buy, sell, hold, and convert without leaving the platform.
- Each SoFiUSD is redeemable 1:1 for U.S. dollars and is backed by a reserve made up of about 85% short‑term U.S. Treasury bills and 15% cash held in segregated accounts at the Federal Reserve Bank of San Francisco.
- SoFi publishes daily reserve details and submits monthly attestations by Deloitte, and U.S. law requires the bank to honor redemptions within two business days, but token holdings are not FDIC insured.
- The token is deployed as an ERC‑20 on Ethereum and an SPL token on Solana to serve institutional settlement needs and faster, lower‑cost retail payments respectively, and the launch included a promotional 4.2% APY funded by Treasury income.
- SoFiUSD saw rapid early on‑chain growth, pushing its Ethereum market cap above $100 million and lifting SOFI shares, while risks remain from smart‑contract bugs, chain disruptions, changing Treasury yields, and thin crypto unit economics at SoFi that will shape adoption.