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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a move reflecting the accelerating adoption of blockchain technology by traditional fintech firms, SoFi has announced the launch of its proprietary stablecoin, SoFiUSD. This dollar-backed asset targets the company’s extensive base of 14.7 million members and will be integrated directly into the SoFi banking app. According to reports, the new stablecoin is deployed on both the Ethereum and Solana networks, providing users with high flexibility for digital asset transfers and trading.
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Sign InThis launch comes amid intensifying competition in the fintech sector, with SoFi following the path of PayPal, which launched its PYUSD stablecoin last year. Compared to its peers, SoFi aims to leverage its integrated banking ecosystem to potentially offer future yield generation through the stablecoin. Per market data, the expansion into the Solana network highlights a strategic focus on reducing transaction costs and increasing throughput relative to a pure Ethereum-based approach.
Investors are currently monitoring SOFI stock, which closed at $10.45 on May 26, 2026, to gauge how this expansion impacts non-interest income growth. On the macro front, traders are looking ahead to the FOMC Minutes scheduled for May 20, 2026, which may provide critical signals regarding dollar stability—a key factor for user confidence in US-pegged stablecoins.