Digital Bank SoFi Joins Stablecoin Race With Own Dollar-Backed Token on Ethereum

Digital bank operator SoFi Technologies Inc. has launched its own US dollar stablecoin, joining a growing list of financial firms betting on what is seen as a critical component of the digital asset economy.

The company’s chartered bank has started issuing SoFiUSD, fully backed one-to-one with cash reserves, and is using it for internal settlements, SoFi announced Thursday. It will be made available to SoFi members “in the coming months,” the company said.