Fintech platform SoFi Technologies will launch SoFiUSD, a stablecoin that complies with federal regulations, in cooperation with digital asset custodian BitGo, Cointelegraph reported on March 5.
SoFiUSD is the first stablecoin issued on a public blockchain by a federally chartered depository bank.
BitGo will support the issuance of SoFiUSD through its stablecoin-as-a-service platform. It will also support connections to payment firms, market participants and cryptocurrency exchanges.
SoFi entered the digital asset market in 2019 and introduced cryptocurrency trading. It acquired Golden Pacific Bank in 2022 and obtained a federal bank charter. The stablecoin launch is an extension of SoFi's fintech expansion strategy.
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