SoFi Technologies Partners with BitGo to Launch SoFiUSD Stablecoin

SoFi Technologies has announced its collaboration with BitGo to introduce SoFiUSD, a stablecoin pegged to the U.S. dollar and issued by SoFi Bank. According to NS3.AI, this development marks a significant milestone as SoFiUSD becomes the first stablecoin issued by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain. The launch comes in the wake of the GENIUS Act, which established a federal regulatory framework for payment stablecoins, spurring increased activity among fintech companies and financial institutions in developing regulated digital dollar infrastructure. In addition to SoFi Technologies, other companies like Modern Treasury and Stablecore are also advancing their offerings. They are introducing tools that enable financial institutions to settle transactions and provide services using stablecoins such as USDC, Global Dollar (USDG), and Pax Dollar (USDP). This trend highlights the growing interest and adoption of stablecoins within the financial sector, driven by the new regulatory environment.