SoFiUSD, the first stablecoin issued by a U.S. national bank, has launched on Polygon, where 17 million SoFi members can buy and sell it in the app. It can be redeemed for $1 because SoFi Bank redeems it 1:1 in dollars—not because of the chain.
Multichain issuance simply gives this stablecoin a few more ways to circulate. FDIC insurance covers the underlying deposit accounts, not the token; it can be transferred on-chain, but redemption and credit risk still rest with the bank.
Multichain issuance simply gives this stablecoin a few more ways to circulate. FDIC insurance covers the underlying deposit accounts, not the token; it can be transferred on-chain, but redemption and credit risk still rest with the bank.
