Fintech firm SoFi Technologies rolled out SoFiUSD, its native U.S. dollar stablecoin, to SoFi members. The stablecoin already has over $100 million in market cap on Ethereum mainnet. SoFiUSD is redeemable 1:1 for U.S. dollars, with reserves held primarily in cash.

The stablecoin is the asset issued by SoFi's nationally chartered bank, SoFi Bank, N.A. SoFi is the first nationally chartered retail bank to issue a stablecoin on Ethereum. SoFi is also building tokenized deposit functionality, allowing users to convert SoFiUSD into a yield-bearing deposit token.

SoFiUSD joins a growing wave of regulated U.S. bank-issued onchain dollars, following Fidelity's FIDD announcement and J.P. Morgan's JPMD deposit token rollout on Base. The launch lands as the Senate Banking Committee weighs the CLARITY Act, which would ban deposit-like interest on payment stablecoins.

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