Fintech firm SoFi Technologies will issue its SoFiUSD stablecoin on the Solana blockchain, in addition to Ethereum, The Block reported on Monday.
Ben Reynolds (벤 레이놀즈), SoFi’s head of corporate finance, said, "We chose Solana as a chain suitable for payments." He said cost, payment speed and processing capacity were the main reasons.
SoFi launched SoFiUSD, a dollar stablecoin issued by SoFi Bank, on Ethereum in December. It did so with the aim of establishing itself as a provider of stablecoin infrastructure for banks, fintechs and corporate platforms. SoFi last month expanded its partnership with Mastercard to use SoFiUSD as a settlement currency on a global payment network.
SoFi has been expanding its crypto business after starting a cryptocurrency trading service in November last year.
In addition to SoFi, Western Union this week launched a stablecoin on Solana and said it would use it as a 24-hour settlement asset on a global payment network.
Chi-gyu Hwang
delight@d-today.co.kr