A stablecoin issued by a US national bank is now live on Monad. SoFiUSD, the dollar-pegged token from SoFi Bank, N.A., expanded to the high-throughput Layer 1 in August 2026, with BitGo providing the underlying infrastructure.
Monad is the token’s third stop in a relatively swift journey. It launched on Ethereum, later expanded to Solana, and has now arrived on one of crypto’s newer performance-focused chains.
The expansion was discussed on a recent BitGo podcast featuring Monad co-founder Keone. He spoke about his transition from high-frequency trading to crypto and the launch of SoFi USD on his network.
How SoFiUSD got here
SoFiUSD launched on December 18, 2025, on Ethereum. It was the first stablecoin issued on a public blockchain by a US nationally chartered, FDIC-insured depository institution.
On March 5, 2026, SoFi announced a partnership with BitGo covering infrastructure and distribution. BitGo’s Stablecoin-as-a-Service platform became the basis for bringing SoFiUSD to additional chains.
The expansion happened in stages. SoFiUSD arrived on Solana by April 2026, and the Monad integration was announced around August 25 to 26, 2026.
The token can be redeemed 1:1 for US dollars. Its cash reserves are held primarily in SoFi Bank’s Federal Reserve account, and regular third-party attestations confirm the backing.
Why Monad, and why a trader cares
Monad is a Layer 1 blockchain designed for speed. It can process more than 10,000 transactions per second through parallel execution.
That throughput aligns with the uses SoFi has described for the token, including 24/7 settlement, business-to-business payments, and remittances.
Keone’s experience in high-frequency trading adds an interesting dimension to the conversation.
The broader SoFi rollout
In May 2026, SoFi made SoFiUSD available through its member app. Nearly 15 million SoFi members can use it to buy, sell, hold, and convert the stablecoin.
Card settlement was live by September 2026. In partnership with Mastercard, SoFi aims to direct more than $25 billion in annualized card volume into the SoFiUSD ecosystem.
In October 2026, SoFi introduced a tokenized deposit product, giving the bank another blockchain-based offering alongside the stablecoin.
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