SoFi’s crypto relaunch brought in $121.6 million in Q1. Almost all of it went to costs

The company launched the SoFiUSD stablecoin for enterprise payments in December and partnered with Mastercard for settlement capabilities.

Nationally chartered U.S. bank SoFi’s relaunched crypto business generated $121.6 million in crypto transaction revenue in the first quarter, its first granular disclosure of the unit’s economics since the bank returned to the cryptocurrency space late last…