SoFi has integrated its SoFiUSD stablecoin into the Polygon Open Money Stack. This development allows the company's 17 million members to manage the token directly within the SoFi application without needing external crypto wallets or manual bridging.
SoFiUSD is the first stablecoin issued by a U.S. national bank and is regulated by the Office of the Comptroller of the Currency. The token maintains a one-to-one redemption rate for U.S. dollars and is already used to settle the company's card program on the Mastercard network.
The Polygon Open Money Stack provides a unified infrastructure for fiat on- and off-ramps, embedded wallets, and cross-chain settlement. SoFiUSD now joins other assets like USDC, USDT, and PYUSD on this platform to facilitate business payouts and cross-border transfers.
SoFi previously launched the token on Ethereum and Solana. The company also introduced SoFi Earn, a tokenized deposit product offering a 4.40% yield that converts into SoFiUSD. The firm notes that SoFiUSD is not FDIC-insured or bank-guaranteed.
