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SoFiUSD, the first stablecoin from a U.S. national bank, goes live on Polygon's payments stack
🟢Bullish for $POLA bank-issued stablecoin with a 17-million-member user base going live on Polygon adds real payments activity to the network.News sentiment, not financial advice. It reflects the likely impact of this news, not a price prediction.
Summary
SoFi's SoFiUSD stablecoin is now live on Polygon Open Money Stack, adding Polygon alongside Ethereum and Solana, Polygon Labs said Thursday, according to Decrypt and The Block.
SoFi's more than 17 million members can buy, sell, hold and convert the token on Polygon directly in the SoFi app, without a separate crypto wallet or manual bridging, Decrypt reported.
On the stack, SoFiUSD joins USDC, USDT and PayPal's PYUSD and can connect to payout, settlement and cross-border transfer rails, Decrypt said.
The token is redeemable one-to-one for U.S. dollars and issued by OCC-regulated SoFi Bank, but it is not a bank deposit and is not FDIC- or SIPC-insured, Decrypt noted.
Key facts
- Polygon Labs CEO Marc Boiron said SoFi 'combines the regulatory foundation of a national bank with the reach of a major consumer and enterprise technology platform.'
- Decrypt: Polygon says it has processed more than $3 trillion in lifetime stablecoin transfer volume; Visa and Mastercard support stablecoin settlement on it, and Stripe uses it to route USDC payments for merchants in more than 150 countries.
- Decrypt: SoFiUSD already settles SoFi's entire card program over Mastercard's network, and SoFi recently launched SoFi Earn, a tokenized deposit paying 4.40% that converts one-to-one into SoFiUSD.
- The Block: the expansion reaches SoFi's more than 17 million members.