Which bank launched SoFiUSD?

TLDR

SoFiUSD was launched by SoFi Bank, N.A., the nationally chartered, FDIC?insured banking subsidiary of SoFi Technologies, per a recent announcement from the company and coverage in a Cointelegraph report.

1. It is fully reserved 1:1 with cash held at the bank and redeemable on demand, as noted by The Block.

1. Initial issuance is on Ethereum, with more networks planned, per Cointelegraph.

1. It currently supports internal settlement only, with broader access coming, per Cointelegraph.

Deep Dive

1. Issuer

The issuer is SoFi Bank, N.A., a nationally chartered, FDIC?insured depository institution within SoFi Technologies. Multiple outlets confirm the banks role and regulatory status, including The Blocks coverage and Cointelegraphs report.

2. Design and Use

SoFiUSD is described as fully backed 1:1 by cash and redeemable on demand, aimed at low?cost, near?instant settlement for banks, fintechs, and enterprises. This positioning and reserve design are detailed in The Blocks write?up and reiterated by Cointelegraph.

3. Rollout and Networks

SoFiUSD launches first on Ethereum with plans to expand to additional blockchains, and access is initially limited to internal settlement before broader member availability. These details are covered by Cointelegraph and echoed by The Defiant.

Conclusion

The bank behind SoFiUSD is SoFi Bank, N.A. A bank?issued, fully reserved USD stablecoin signals continued convergence between regulated banking and on?chain settlement. Near?term utility is limited to internal flows, but broader access and multi?chain support could expand its role in payments and enterprise settlement later.