SoFiUSD goes live on Polygon as bank-issued stablecoin expands reach

SoFiUSD is now live on Polygon, giving SoFi’s bank-issued stablecoin another blockchain for payments and settlement as the fintech expands its digital asset business.

In a statement shared with The Block on Thursday, Polygon Labs said the stablecoin is available on Polygon Open Money Stack, adding to existing Ethereum and Solana support. Polygon Labs said SoFi’s more than 17 million members can buy, sell, hold, and convert SoFiUSD on Polygon through the SoFi app.

SoFiUSD is issued by SoFi Bank, N.A., an OCC-regulated national bank, and is redeemable one-to-one for U.S. dollars. It joins Circle's USDC, Tether's USDT, and PayPal's PYUSD on Polygon Open Money Stack.

Total stablecoin supply. Image: The Block.

SoFi builds out its crypto offering

According to the statement, the integration gives SoFiUSD access to wallets, fiat rails, stablecoin conversion, and cross-chain settlement on a single interface, allowing customers to use the asset without the need for a separate wallet or manual bridging.

“SoFi is well positioned to bring stablecoins into mainstream finance because it combines the regulatory foundation of a national bank with the reach of a major consumer and enterprise technology platform,” Polygon Labs CEO Marc Boiron said.

The development is the latest in a series of crypto initiatives from SoFi this year. Last month, the company reported 503,000 crypto products at the end of the third quarter, while gross crypto transaction revenue reached $161.6 million, up 20% from the prior quarter.

SoFi also launched its tokenized deposit product in October, allowing customers to convert deposits into SoFiUSD at a one-to-one rate. In September, the bank began settling card transactions using its stablecoin on Mastercard’s network, weeks after agreeing to connect its SoFi Exchange Network with Kraken’s infrastructure.