New York, May 29, 2026, 07:03 EDT
- SoFi was last seen at $16.97, up 4.9% before the U.S. open. The QQQ ETF, which is Nasdaq-focused, gained 0.8%.
- SoFi gave access to SoFiUSD for close to 15 million members, saying it’s the first stablecoin from a U.S. national bank offered straight from a banking app.
- SoFi gets a payments and crypto angle with the move, though it flagged that digital assets aren’t covered by FDIC or SIPC, and could lose value.
SoFi Technologies shares climbed before the Nasdaq bell Friday. The online lender has added its bank-issued stablecoin to its consumer app, making a new digital-assets move. The stock is still trading under the weight of last month’s selloff after earnings.
The stock was last seen at $16.97, rising 4.9% from its previous finish, according to pre-open quote data. PayPal, which also has a dollar stablecoin, added 1.6%. Robinhood, which has exposure to crypto, surged 11.3%.
Timing is key here. SoFi has been working to convince investors it’s not just a lender exposed to shifts in personal-loan demand, rates, or credit cycles. Launching a stablecoin — a digital token meant to hold its value to the U.S. dollar or another asset — lets SoFi push its app as a single spot for banking, brokerage, and payments.
SoFi now lets members buy, sell, hold and convert SoFiUSD in its app. CEO Anthony Noto said SoFi can “combine the speed and versatility of the blockchain with the trust of a bank,” calling the offering a single spot for users to handle digital assets, savings, borrowing and investing. SoFi
SoFi said its SoFiUSD token is redeemable for dollars at a 1:1 rate from SoFi Bank, backed by liquid assets. Attestations will be performed regularly by an independent U.S.-licensed CPA. Currently the stablecoin is live on Ethereum and Solana, with plans to add more networks.
SoFi is looking past just having a token in its app. The company wants members to switch SoFiUSD into tokenized deposits, send money internationally at any time, and also put the stablecoin on Bullish for trading with institutions.
PayPal is the name to watch. PayPal rolled out PYUSD in 2023 and later said it would expand the stablecoin to users in 70 markets, giving the product a wider footprint for consumer payments. SoFi’s offering stands apart because it comes from a bank, while PayPal’s PYUSD is issued by Paxos Trust Company.
Mastercard is in the mix. Back in March, Mastercard and SoFi said they would look at settling card transactions with SoFiUSD. Mastercard executive Sherri Haymond said then the project might be a way to show how “trusted digital currencies can be used at global scale.” Mastercard
SoFi’s core business is busy. The company posted first-quarter adjusted revenue of $1.1 billion, its best ever, with loan originations also hitting a record at $12.2 billion. Membership climbed 35% to 14.7 million. Net income was 12 cents a share, twice what it was a year ago.
Investors sold off the stock after the results, as SoFi kept its 2026 outlook steady. The company maintained its full-year profit target at 60 cents a share with revenue of about $4.66 billion. William Blair analyst Andrew Jeffrey said SoFi “did not flow through” its first-quarter upside into its guidance. Reuters
SoFi CEO Anthony Noto dismissed the concerns in a Reuters interview last month. “The health of our consumer base remains strong,” Noto said. He said SoFi is gaining ground on legacy banks with older tech. Reuters
But there are risks. SoFi’s stablecoin might not gain traction with consumers, regulations could change, and SoFi’s disclosure makes it clear SoFiUSD isn’t a deposit, isn’t legal tender, isn’t covered by FDIC or SIPC, and blockchain transfers can’t be reversed. On another front, revenue from its tech platform dropped 27% in the first quarter after it lost a major client—a sign growth isn’t even across the board.
SoFi is getting some recognition from the market for its move. U.S. stock-index futures were flat Friday as investors kept an eye on Middle East talks and inflation numbers, putting the focus on company news to drive trading early on, according to Reuters.
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