SoFi Partners with BitGo to Launch SoFiUSD, the First Bank-Issued Stablecoin

SoFi Technologies has announced a partnership with digital asset custody service provider BitGo to officially launch SoFiUSD, its stablecoin issued by a U.S. nationally chartered bank. This collaboration marks a mainstream financial institution's accelerated move into federally regulated stablecoin infrastructure, promoting its practical application in payment and settlement scenarios. BitGo will provide underlying technical support for the issuance, circulation, and connectivity of SoFiUSD through its "Stablecoin-as-a-Service" platform, covering integration with payment gateways, market participants, and major crypto exchanges. According to SoFi, SoFiUSD is the first stablecoin backed by a U.S. nationally chartered bank to be issued on a public, permissionless blockchain, representing a significant industry milestone. SoFi Technologies is a Nasdaq-listed digital financial services company serving nearly 14 million users, with businesses spanning lending, banking, and investment products. The company entered the crypto space in 2019 through the SoFi Invest platform and obtained a national bank charter in 2022 after acquiring Golden Pacific Bancorp, formally establishing SoFi Bank and laying the legal foundation for the compliant issuance of stablecoins.

As U.S. fintech companies increasingly invest in the stablecoin ecosystem, building secure, compliant, and scalable payment infrastructure has become an industry consensus. The partnership between SoFi and BitGo not only strengthens the integration of the banking system and blockchain technology but also provides a replicable paradigm for the future implementation of a digital dollar.