# SoFi Rolls Out SoFiUSD Stablecoin *SoFi becomes the first nationally chartered retail bank to issue a stablecoin on Ethereum, with SoFiUSD already surpassing $100 million in market cap.* By [ETH Daily](https://ethdaily.io) ยท 2026-05-27 sofi, sofiusd, stablecoins, ethereum, tokenized-deposits, banks, sofi-bank --- Fintech firm SoFi Technologies [rolled out](https://x.com/SoFi/status/2059609420544516348) SoFiUSD, its native U.S. dollar stablecoin, to SoFi members. The stablecoin already has over [$100 million](https://x.com/tomwanhh/status/2059629899472675298) 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](https://ethdaily.io/871) and [J.P. Morgan's JPMD deposit token rollout on Base](https://ethdaily.io/822). The launch lands as the Senate Banking Committee weighs the [CLARITY Act](https://ethdaily.io/senate-banking-releases-clarity-act-draft-ahead-of-thursday-markup), which would ban deposit-like interest on payment stablecoins. * * * Sponsored by ------------ [![](https://storage.googleapis.com/papyrus_images/c1601768ccd1e18790b01ead6c41fbdec5a7fd86de67db5b0c7ab8ac0291c413.png)](https://ethconf.com/r/ETHDAILY) ETHConf lands in NYC June 8-10, bringing together 5,000+ attendees, 150+ speakers, and 100+ companies across Ethereum, stablecoins, and institutional adoption. Get your tickets at [ethconf.com](https://ethconf.com/r/ETHDAILY) and use code ETHDAILY for 30% off General and 20% off VIP. * * * Disclaimer: Content is for informational and educational purposes only and does not constitute financial, investment, legal, or other professional advice. No representations or warranties are made as to accuracy, completeness, or timeliness. Use of this content is at your own risk, and you should consult a qualified professional before making decisions. No fiduciary or advisory relationship is created --- *Originally published on [ETH Daily](https://ethdaily.io/sofi-rolls-out-sofiusd-stablecoin)*