SoFi Bank has introduced SoFiUSD, a U.S. dollar stablecoin fully backed by cash at the Federal Reserve. Initially for internal use, it aims to streamline payments for banks and fintechs and offers potential for partners to create their own stablecoins.

SoFi has announced the upcoming launch of its stablecoin, SoFiUSD, which will initially be available on Ethereum. The bank aims to provide faster and cheaper fund transfers for businesses while offering attractive yields for holders. SoFi plans to expand the stablecoin's availability across multiple blockchains over time.

SoFi Technologies is set to reenter the crypto market, focusing on stablecoin issuance and tokenized loans, after pausing its crypto offerings two years ago. With favorable regulatory conditions under the Trump administration, SoFi aims to launch these services within the next two years, highlighting the financial advantages of blockchain technology.