【Chain Wen】American fintech giant SoFi Bank recently made a big move — issuing its own USD stablecoin SoFiUSD, backed by a 1:1 cash reserve. What does this mean? SoFi has become the first nationwide bank in the U.S. to issue a stablecoin on a public blockchain.
On the technical side, SoFiUSD is already live on Ethereum, offering a 24/7, near-instant, low-cost settlement experience. Whether for interbank clearing, fintech companies, or enterprise users, they can all access it. Even more interesting, the cash reserves are directly held in Federal Reserve accounts, and the earnings can be shared with partners — providing a strong incentive for traditional financial institutions to participate.
What are the application scenarios? SoFi has planned many use cases: card network payments, retail settlements, cross-border transfers with SoFi Pay, and even payments via POS terminals. In the future, access will gradually be opened to ordinary SoFi users.