ME News message, December 18 (UTC+8), on December 18, the US-listed financial technology company SoFi Technologies (SOFI) has launched the US dollar stablecoin SoFiUSD, aimed at providing faster and lower-cost funding flow solutions for banks, fintech companies, and enterprise platforms. This stablecoin is issued by SoFi Bank. SoFi Bank is a financial institution that has obtained a national bank charter in the United States and is insured by the FDIC, making it the first national bank in the U.S. to open its stablecoin infrastructure to the outside world. SoFiUSD will currently only be used internally, with plans to open it up to a broader range of SoFi users in the coming months. Unlike stablecoins issued by crypto-native companies, SoFiUSD is fully backed by cash held at the Federal Reserve at a 1:1 ratio, meaning users can redeem it immediately without taking on credit or liquidity risks. The stablecoin is deployed on a public blockchain, allowing funds to flow in an almost instantaneous, low-cost, 24/7 manner. (Source: ME)
