SoFi Technologies has selected BitGo to provide infrastructure for its new bank-issued stablecoin SoFiUSD, marking another step toward regulated digital dollar payments in the United States.
The partnership will use BitGo’s stablecoin-as-a-service platform to handle issuance and connect the token with payment providers, cryptocurrency exchanges and other market participants.
SoFi said SoFiUSD will be a U.S. dollar-pegged stablecoin issued by SoFi Bank, a nationally chartered and insured deposit institution.
The company described the token as the first stablecoin issued by a U.S. nationally chartered bank on a public, permissionless blockchain.
SoFi Technologies, a Nasdaq-listed fintech company serving nearly 14 million members, entered the crypto market in 2019 with trading services through its SoFi Invest platform.
The launch comes as U.S. fintech firms expand stablecoin infrastructure following the passage of the GENIUS Act, which established a federal regulatory framework for payment stablecoins.
Other financial technology companies are also building stablecoin payment infrastructure as regulated digital dollar networks gain traction.