Overview
- SoFi named BitGo as its technology partner to provide Stablecoin-as-a-Service for SoFiUSD, covering minting, redemption, and compliance controls.
- The companies said SoFiUSD will run on a public, permissionless blockchain, which SoFi describes as a first for a nationally chartered and insured U.S. deposit bank.
- BitGo Bank & Trust will support distribution by connecting SoFiUSD to payment providers, cryptocurrency exchanges, and other market participants for institutional access.
- SoFi characterizes SoFiUSD as a tokenized bank deposit designed for on-demand redemption and near-instant transfers, targeting enterprise settlement and fintech integration including Galileo.
- No public launch date was disclosed, and the rollout is described as early-stage with operational activity in pilots.