Targeting the advantages of "fast and cheap"! SoFi's stablecoin "SoFiUSD" launches on Solana

Since the official launch of its own stablecoin “SoFiUSD” at the end of last year, the well-known American fintech giant SoFi announced that it will expand its efforts and start issuing this token on the Solana blockchain.
Why choose Solana? Ben Reynolds, head of corporate banking at SoFi, said Tuesday:

We believe Solana is the most suitable public chain for payment scenarios, not only because of its low transaction costs and extremely fast settlement speeds, but more importantly, because it has strong throughput.

SoFi launched the US dollar stablecoin “SoFiUSD” in December 2025, issued by SoFi Bank, which holds a license from the Federal Reserve of the United States, and is fully backed by equivalent reserve assets. The goal is to build its bank into a “stablecoin infrastructure provider,” offering stablecoin solutions specifically for traditional banks, fintech companies, and large enterprise platforms.
SoFi’s entry into the stablecoin field echoes the current major trend in traditional finance: more and more banks and fintech companies are rushing to issue digital tokens pegged to the US dollar. For example, payment giant PayPal has already taken the lead with its own stablecoin “PYUSD,” and Bank of America has indicated it may follow suit.
Currently, the global stablecoin market is still dominated by Tether (USDT) and Circle (USDC). However, Wall Street analysts are generally optimistic that, with the passage of the stablecoin regulation bill “GENIUS Act” in the U.S. last year, and the wave of large financial institutions adopting and issuing their own tokens, the overall stablecoin market could see explosive growth in the next 10 years, rising from the current approximately $300 billion to over a trillion dollars.
Solana Becomes the New Favorite in Traditional Finance, Connecting Cross-Border Payments
Notably, Solana, known for its high efficiency, seems to be becoming the “new darling” for traditional giants in settlement. Earlier this week, cross-border remittance giant Western Union also announced the launch of a proprietary stablecoin on Solana, to serve as the settlement asset for its global payment network around the clock.
In fact, SoFiUSD was initially deployed on Ethereum, but SoFi has long planned to gradually expand to other blockchains to meet different operational needs. Just last month, SoFi further deepened its partnership with Mastercard, aiming to make SoFiUSD a settlement currency within the cross-border payment network.