SoFi Launches Bank-Issued USD Stablecoin SoFiUSD, Partnering with Mastercard and BitGo

SoFi has officially launched SoFiUSD, a USD stablecoin issued by a bank, marking a key step for traditional financial institutions in the digital payments space. The stablecoin's underlying infrastructure is provided by BitGo Bank & Trust, regulated by the U.S. Office of the Comptroller of the Currency (OCC), covering custody, issuance, and distribution functions, and building an operational framework that meets financial compliance requirements. At the same time, Mastercard has incorporated SoFiUSD into its payment network, making it an optional method of settlement for merchants and card issuers. This means that SoFiUSD can serve as a digital channel for fund transfers and payment clearing, embedded in existing financial transaction flows to achieve efficient and low-cost fund transfers.

The GENIUS Act, passed in July 2025, establishes federal regulatory standards for payment-type stablecoins issued by banks and credit unions, explicitly requiring full reserves, transparent reporting, and compliant operations. SoFiUSD is considered one of the first stablecoins to comply with this framework, helping to reduce legal uncertainty for institutional participants and increase market confidence. Compared to traditional ACH or wire transfer systems, blockchain-based SoFiUSD supports 24/7 real-time clearing, and the cost per transaction can be reduced to extremely low levels, making it particularly suitable for high-frequency treasury management and merchant settlement scenarios. According to industry analysis, partners can already achieve near-instant settlement efficiency at a cost of only a few cents.

BitGo's role focuses on institutional-grade services, emphasizing secure custody, token management, and enterprise-level API access, rather than speculative trading for ordinary users. BitGo co-founder and CEO Mike Belshe stated that its "stablecoin-as-a-service" product is designed for financial institutions seeking technological innovation and trust assurance. In the future, the widespread application of SoFiUSD will depend on the speed at which banks, acquiring institutions, and businesses integrate it into their settlement processes. Under the GENIUS Act framework, relevant institutions will follow uniform reporting and compliance requirements, while relying on the infrastructure of BitGo and Mastercard to build a more efficient and transparent digital payment ecosystem.