SoFiUSD, a stablecoin issued by SoFi Bank, N.A., went live on Polygon on November 12, The Block reported, citing a statement from Polygon Labs. SoFi describes the bank as an OCC-regulated national bank, and the token is redeemable one-to-one for U.S. dollars.
Polygon is the third network for SoFiUSD after Ethereum and Solana. It runs through the Polygon Open Money Stack, where it joins USDC, USDT and PYUSD, according to The Block.
SoFi’s more than 17 million members can buy, sell, hold and convert SoFiUSD on Polygon inside the SoFi app. Polygon Labs said the integration bundles wallets, fiat rails, stablecoin conversion and cross-chain settlement in one interface, so users need neither a separate wallet nor manual bridging. Polygon Labs Chief Executive Marc Boiron said SoFi is well positioned to bring stablecoins into mainstream finance.
The Block placed the launch in the context of earlier steps. In October, SoFi launched an FDIC-insured tokenized deposit product that lets customers convert deposits into SoFiUSD at a one-to-one rate. In September, it began settling card transactions with its stablecoin on Mastercard’s network. At the end of the third quarter, SoFi reported 503,000 crypto products and gross crypto transaction revenue of $161.6 million, up 20% from the prior quarter.
The Block’s report relies on Polygon Labs’ statement and includes no independent confirmation, and it does not describe reserve composition or attestation practices. The details are therefore company-reported.
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