New York, May 28, 2026, 09:03 (EDT)
- SoFi made its bank-issued SoFiUSD stablecoin available in its app for nearly 15 million members, widening a crypto push that had started with enterprise use.
- The shares were quoted at $16.17 before the U.S. open, with Nasdaq-linked QQQ down 0.1% and SPY little changed.
SoFi Technologies Inc put its bank-issued dollar stablecoin into its consumer banking app, giving the digital lender a fresh crypto test as its shares held near $16 before regular U.S. trading on Thursday.
The timing matters because SoFi is trying to show investors it can become more than a lender tied to credit demand and funding costs. A stablecoin is a digital token designed to hold a one-for-one value with a currency, in this case the U.S. dollar, and SoFi is pitching it as a way to move money faster inside a regulated banking setup.
SoFi said on Wednesday that SoFiUSD can now be bought, sold, held and converted directly in the SoFi app by its nearly 15 million members. The company said the token is redeemable 1:1 for dollars from SoFi Bank, backed by liquid assets, and available on Ethereum and Solana, two blockchain networks used for digital-asset transfers.
Chief Executive Anthony Noto said SoFi wants to combine “the speed and versatility of the blockchain with the trust of a bank.” He said members would have one place to use digital assets alongside saving, borrowing and investing. SoFi Investors
The shares were quoted at $16.17, giving SoFi a market value of about $22.3 billion, according to market data. Robinhood, another retail-facing financial app with crypto exposure, was quoted higher, while Coinbase fell; Affirm, more tied to consumer credit and pay-later lending, also rose before the open.
SoFi’s next step is the part investors will watch. The company plans to let users convert SoFiUSD into tokenized deposits, meaning bank deposits represented digitally on a blockchain, with the ability to earn interest and access FDIC insurance under separate deposit terms. It also plans cross-border money movement and a Bullish exchange listing for institutional trading.
Emily Goodman, a partner at fintech consulting firm FS Vector, told American Banker that stablecoins and tokenized deposits are “structurally distinct with unique advantages.” Putting both in one place, she said, may create “operational and compliance efficiencies.” American Banker
Nick Elledge, co-founder of Stablecore, framed the retail pitch more plainly: customers could “spend with the stablecoin and save with the insured deposit,” American Banker reported. American Banker
The rollout builds on a stronger operating backdrop. In late April, SoFi reported first-quarter adjusted net revenue of $1.09 billion, up 41% from a year earlier, adjusted EBITDA of $339.9 million and 14.7 million members. Deposits rose to $40.2 billion.
There was a blemish. SoFi’s technology-platform revenue fell 27% in the quarter after a large client completed its transition off the platform, a reminder that not every growth line is moving cleanly.
But adoption is the open question. Stablecoins themselves are not FDIC-insured, and the rules around yield remain sensitive; SoFi’s plan relies on moving customers into tokenized deposits for the bank-style protections. If users treat SoFiUSD as a niche crypto feature rather than a payments tool, the stock may stay driven by loan growth, credit quality and valuation worries rather than the new digital-asset push.
