Abandon Ethereum for Solana? SoFi expands stablecoin footprint, SoFiUSD targets the payments market

SoFi, a U.S. fintech giant, announced that it will expand its stablecoin SoFiUSD to the Solana blockchain. The company is drawn to Solana’s low cost and high throughput, and has partnered with Mastercard to promote cross-border payment settlement.·

After officially launching its own stablecoin “SoFiUSD” at the end of last year, SoFi, a well-known U.S. fintech giant, announced that it is expanding its lineup and will begin issuing this token on the Solana blockchain.

Why choose Solana? On Tuesday, Ben Reynolds, Head of Corporate Banking at SoFi, said:

We believe Solana is the best 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.

In December 2025, SoFi launched the U.S. dollar stablecoin “SoFiUSD,” issued by SoFi Bank, which holds a U.S. federal banking charter license. It is backed by 100% fully equivalent reserve assets. Through this product, SoFi hopes to turn its bank into a “stablecoin infrastructure provider,” offering stablecoin solutions specifically for traditional banks, fintech companies, and large enterprise platform operators.

SoFi’s entry into the stablecoin space echoes a major trend in traditional finance right now: more and more banks and fintech companies are competing to issue dollar-pegged digital tokens. For example, payments giant PayPal has already seized the early lead by launching its own stablecoin “PYUSD,” and Bank of America has also said it may follow suit.

At present, the global stablecoin market is still split mainly between Tether (USDT) and Circle (USDC). However, Wall Street analysts generally believe that, with the U.S. passing last year’s stablecoin regulatory bill, the “GENIUS Act,” and amid the wave of large financial institutions rushing to adopt and issue tokens themselves, the overall stablecoin market is expected to see explosive growth over the next 10 years—from the current approximately $300 billion to over one trillion dollars.

Solana becomes a new favorite among traditional finance, unlocking the “key” to cross-border payments

Notably, Solana—with its high-efficiency features—appears to be becoming a “new settlement darling” for traditional incumbents. Earlier this week, cross-border remittance giant Western Union also announced that it will launch a dedicated stablecoin on Solana, to serve as a 24/7 settlement asset for its global payments network.

In fact, SoFiUSD was originally 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 the international card network Mastercard, aiming to make SoFiUSD the settlement currency within the cross-border payment network.

Issuing stablecoins is only one piece of SoFi’s larger Web3 roadmap. In November last year, the company officially began offering cryptocurrency trading services to customers.

• This article is reprinted with permission from: 《Block Guest》
• Original title: 《Looking at the “fast and cheap” advantage! SoFi stablecoin “SoFiUSD” enters Solana》
• Original author: Block Sister MEL