U.S. National Bank Stablecoin SoFiUSD Expands to Polygon
On November 12, SoFi expanded its stablecoin SoFiUSD (ticker: SOFID) to Polygon’s Open Money Stack, making it the third public blockchain on which the stablecoin has launched, after Ethereum and Solana. SoFiUSD is issued by SoFi Bank, a U.S. national bank, and is the first U.S. dollar stablecoin issued by a U.S. national bank. Each token is redeemable for one U.S. dollar at a 1:1 ratio, backed by liquid assets held by the bank, and regularly attested to by a U.S.-registered CPA.
With its launch on Polygon, SoFiUSD is now integrated with payment infrastructure already used by Visa, Mastercard, Stripe, and others. The stablecoin had previously been routed through Mastercard’s global payments network to settle SoFi’s entire card business, covering around-the-clock dollar transfers and clearing.
The multichain expansion of stablecoins issued by licensed banks shows that regulated institutions are moving stablecoins beyond on-chain accounting tools and into real-world payment scenarios. Key things to watch next include on-chain circulation, merchant adoption, and competition for share in the payments stack with established stablecoins such as USDC, USDT, and PYUSD.
#Stablecoin #SoFi #Polygon $SOFI $POL
#美国持牌银行sofi稳定币扩展至polygon
On November 12, SoFi expanded its stablecoin SoFiUSD (ticker: SOFID) to Polygon’s Open Money Stack, making it the third public blockchain on which the stablecoin has launched, after Ethereum and Solana. SoFiUSD is issued by SoFi Bank, a U.S. national bank, and is the first U.S. dollar stablecoin issued by a U.S. national bank. Each token is redeemable for one U.S. dollar at a 1:1 ratio, backed by liquid assets held by the bank, and regularly attested to by a U.S.-registered CPA.
With its launch on Polygon, SoFiUSD is now integrated with payment infrastructure already used by Visa, Mastercard, Stripe, and others. The stablecoin had previously been routed through Mastercard’s global payments network to settle SoFi’s entire card business, covering around-the-clock dollar transfers and clearing.
The multichain expansion of stablecoins issued by licensed banks shows that regulated institutions are moving stablecoins beyond on-chain accounting tools and into real-world payment scenarios. Key things to watch next include on-chain circulation, merchant adoption, and competition for share in the payments stack with established stablecoins such as USDC, USDT, and PYUSD.
#Stablecoin #SoFi #Polygon $SOFI $POL
#美国持牌银行sofi稳定币扩展至polygon
