finance
SoFi Opens Crypto Stablecoin Access to 15 Million Users
SoFi has begun allowing its 15 million customers to use the bank's own stablecoin. The rollout marks the first time a major U.S. bank has offered direct stablecoin access through its platform.
May 27, 7:21 AM·1m read2 sources
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SoFi announced it is giving its 15 million users access to the bank's own crypto stablecoin. The move lets customers hold and transfer the stablecoin inside existing SoFi accounts without leaving the platform.
Users can buy, sell, and send the stablecoin through the same mobile app and website they already use for banking and investing. U.S. dollar and backed by reserves held at SoFi.
SoFi said the product complies with current federal and state rules for digital assets. U.S. regulators as stablecoin rules evolve.
Early customer feedback has focused on faster transfers and lower fees compared with third-party crypto exchanges. SoFi has not released transaction volume figures for the first day of availability.
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