According to ChainCatcher news, reported by The Block, SoFi Bank has launched the dollar stablecoin SoFiUSD (1:1 cash reserves), claiming to be the first national bank in the U.S. to issue a stablecoin on a public blockchain.
SoFiUSD has been launched on Ethereum, providing 7×24 near-instant, low-cost settlement for banks, fintech, and corporate partners, and plans to open to SoFi users. SoFi stated that cash reserves can be held in Federal Reserve accounts, sharing profits, and supporting partner white-label issuance or direct access to settlement and payment processes. This stablecoin will also be used for card networks, retail settlement, SoFi Pay cross-border remittances, and POS payments. This year, several institutions are advancing stablecoins, including KlarnaUSD, Western Union's USDPT, and Stripe's USDB.
