SoFi Technologies has selected digital asset custodian BitGo to support the bank-issued stablecoin rollout, the latest sign of growing momentum around the federal government’s stablecoin for payments and settlements.
As part of the partnership, BitGo will provide stablecoin infrastructure services for SoFiUSD, a U.S. dollar-denominated token issued by SoFi Bank, a nationally chartered and insured depository institution, the companies disclosed Thursday.
The deal will be implemented through BitGo’s “stablecoin-as-a-service” platform, which will support the issuance of SoFiUSD and help connect the token with payment providers, market participants and cryptocurrency exchanges.
SoFiUSD is the first stablecoin issued by a nationally chartered and insured US savings bank on a public, permissionless blockchain, SoFi said.
SoFi Technologies is a publicly traded Nasdaq digital finance company that provides lending, banking and investment products to approximately 14 million members. The company entered the digital asset market in 2019 by adding cryptocurrency trading through its SoFi Invest platform, and later secured a national bank charter after acquiring Golden Pacific Bancorp in 2022 and establishing SoFi Bank.
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US companies are racing to build stablecoin infrastructure
SoFi’s entry into the stablecoin market comes amid the transition to a regulated digital dollar infrastructure in the United States, following the adoption of the GENIUS Act, which establishes a federal regulatory framework for payment stablecoins and their issuers.
In this context, financial technology companies are expanding the necessary infrastructure to support stablecoin payments and settlements.
As reported by Cointelegraph, payment transaction platform Modern Treasury recently launched an integrated payment service that supports stable rails alongside traditional banking infrastructure. The system allows businesses to complete transactions using stablecoins in addition to traditional payment methods such as ACH transfers and cash payments.
The platform currently supports several dollar-linked tokens, including USDC (USDC), Global Dollar (USDG) and Pax Dollar (USDP).
Separately, digital asset infrastructure firm Stablecore recently joined the Jack Henry Fintech Integration Network, which connects approximately 1,700 financial institutions. The integration allows banks and credit unions on the network to offer stablecoin services and tokenized assets through their existing banking platforms.
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