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StocksMedium•10 June 2026•

1 min read

SoFi Launches First U.S. Bank Stablecoin Amid Persistent Stock Slump

Key Facts

1SoFi became the first U.S. bank to launch its own proprietary stablecoin.

2SoFi stock is down approximately 37% year-to-date despite reporting blowout Q1 earnings.

In a move reflecting the accelerating adoption of digital assets within the traditional banking system, SoFi Technologies has launched its own proprietary stablecoin, marking a first for U.S. banks. This initiative comes as the company's stock faces intense selling pressure, having declined approximately 37% year-to-date. Despite reporting blowout first-quarter earnings, market sentiment toward the fintech sector has remained cautious according to reports.

This launch occurs within a highly competitive context, as major fintech players like PayPal expand their stablecoin presence; PayPal's PYUSD recently surpassed a $400 million market cap according to market data. Analysts compare SoFi's strategy to initiatives by banking giants like JPMorgan, which utilizes its JPM Coin for internal settlements, suggesting SoFi aims to capture digital payment flows and reduce transaction overhead.

Regarding market performance, SOFI stock stood at $16.58 (close June 12, 2026), with a daily trading range between $16.23 and $16.91 per market data. Traders are currently monitoring support levels near recent lows, while looking ahead to upcoming Federal Reserve official speeches for signals on lending costs, which directly impact digital bank profit margins.