After officially launching its stablecoin late last year, SoFi Technologies said it will begin issuing the token on Solana.
"We think it is the right chain to use for payments, partially because of the cost, partially because of the settlement speed and ultimately the throughput," Ben Reynolds, SoFi's head of big business banking, said Tuesday.
In December 2025, SoFi launched SoFiUSD, a fully reserved U.S. dollar stablecoin issued by SoFi Bank, a nationally chartered bank. SoFi launched the crypto product to position the bank as a stablecoin infrastructure provider for banks, fintechs, and enterprise platforms.
SoFi entering the stablecoin space is in line with a broader shift among banks and fintechs toward issuing USD-pegged tokens, with players like PayPal already launching one and Bank of America indicating it may follow.
Tether, the issuer of USDT, and Circle, which issues USDC, dominate the global stablecoin market. Following the passage of U.S. stablecoin legislation last year, analysts expect the market to grow from current levels of $300 billion into trillions within the decade as major Wall Street firms adopt or issue their own tokens.
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Stablecoin part of SoFi's crypto push
This week, Western Union also launched its stablecoin on Solana to serve as a 24/7 settlement asset across its global payment network.
Initially, SoFi's stablecoin was deployed on Ethereum, with plans to extend to other networks over time. The bank, last month, extended its partnership with Mastercard to position SoFiUSD as a settlement currency across the global payments network.
SoFi's stablecoin push coincides with its expansion into crypto trading services. In November, the bank began offering crypto trading services.