SoFiUSD, the dollar stablecoin issued by SoFi Bank, went live on Polygon on Thursday. SoFi members can buy, sell, hold and convert it through the SoFi app, which also offers the token on Ethereum and Solana. Each token is redeemable for one U.S. dollar through the bank. SoFiUSD is a payment stablecoin without FDIC insurance, despite its issuance by a U.S. national bank.
Members can use SoFiUSD in the app without a separate crypto wallet. More than 17 million people use SoFi’s app. The Office of the Comptroller of the Currency, the federal regulator of national banks, oversees SoFi Bank.
SoFi launched SoFiUSD in December 2025 for banks, financial technology companies and other business partners. It later opened the token to members on Ethereum and Solana. Polygon gives members another network on which to use SoFiUSD without manually moving tokens between blockchains.
SoFiUSD is also available through the Open Money Stack, a payments service that combines wallets, access to conventional currencies, compliance tools and settlement in one integration. Businesses using the service can settle in SoFiUSD alongside USDC, USDT and PayPal’s PYUSD. Members can use the token in the SoFi app, while businesses can use it for payments through Open Money Stack.
Eligible members may eventually be able to convert SoFiUSD into tokenized deposits:
Eligible members will be able to convert SoFiUSD into tokenized deposits that earn interest, with FDIC insurance applying to the underlying deposit account rather than the stablecoin.
A tokenized deposit is a digital representation of money held in a bank account. The planned conversion would give eligible members a way to hold that bank account product instead of SoFiUSD.
