In brief
- SoFi has added SoFiUSD, the first stablecoin issued by a U.S. national bank, to Polygon’s Open Money Stack. SoFiUSD is now available on Polygon as well as Ethereum and Solana.
- The move brings SoFiUSD further into payments infrastructure, alongside $USDC, $USDT and $PYUSD on a stack already used by Visa, Mastercard and Stripe.
- The move builds on SoFi’s push into digital money, from launching SoFiUSD to introducing SoFi Earn, a tokenized deposit. It also adds to Polygon’s stablecoin payments business, which exceeds $3 trillion.
SoFi is expanding the reach of its digital dollar by bringing SoFiUSD, the first stablecoin issued by a U.S. national bank, to Polygon’s payments infrastructure. Banks and fintechs are pushing stablecoins further into everyday money movement.
Polygon Labs said Thursday that SoFiUSD is live on Polygon Open Money Stack, a payments layer that combines fiat on- and off-ramps, embedded wallets and cross-chain settlement in a single integration.
The addition puts Polygon alongside Ethereum and Solana, where SoFiUSD is already available. SoFi’s more than 17 million members can buy, sell, hold and convert the token on Polygon directly in the SoFi app, without opening a separate crypto wallet or manually bridging assets between chains.
“SoFi is well positioned to bring stablecoins into mainstream finance because it combines the regulatory foundation of a national bank with the reach of a major consumer and enterprise technology platform,” said Marc Boiron, CEO of Polygon Labs.
The expansion comes as stablecoins move beyond crypto trading and into the infrastructure used to settle card payments, pay businesses and transfer money across borders.
On Polygon Open Money Stack, SoFiUSD joins $USDC, $USDT and PayPal’s $PYUSD. It can connect to the wallets, banking rails and local currencies businesses need for payouts, settlement and cross-border transfers, enabling uses beyond consumer trading.
SoFiUSD is redeemable one-to-one for U.S. dollars and is issued by SoFi Bank, which is regulated by the Office of the Comptroller of the Currency.
SoFi launched SoFiUSD late last year on Ethereum and Solana, making it the first stablecoin from a U.S. national bank. The token already settles the company’s entire card program over Mastercard’s network. SoFi is also building a broader digital-money suite. It recently launched SoFi Earn, a tokenized deposit that pays 4.40% yield and converts one-to-one into SoFiUSD.
For Polygon, the addition strengthens a payments business that has become one of the network’s distinguishing features.
Polygon recently extended Open Money Stack to Solana. According to the company, the chain has processed more than $3 trillion in stablecoin transfers over its lifetime. Visa and Mastercard support stablecoin settlement on Polygon, while Stripe uses the network to route $USDC payments for merchants in more than 150 countries.
SoFiUSD is a payment stablecoin, not a bank deposit. It is not FDIC- or SIPC-insured, bank-guaranteed or legal tender.
