Hot news continues to pour in from the US today regarding the cryptocurrency sector. Following the FED and the SEC, a major bank has also made a critical move.
According to Coindesk, US banking giant SoFi Bank has introduced SoFiUSD, the first stablecoin launched by a US national bank.
Accordingly, SoFi Bank launched SoFiUSD, the first stablecoin issued by a US national bank and backed by cash held at the US Federal Reserve.
This cryptocurrency is issued by SoFi Bank, a nationally authorized and FDIC-insured institution, making it the first US national bank to offer open access to stablecoin infrastructure.
@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width: 728px; height: 90px; } }
window.sevioads = window.sevioads || []; var sevioads_preferences = []; sevioads_preferences[0] = {}; sevioads_preferences[0].zone = "d098b0a7-6bf7-478a-a0ee-0619d281a09c"; sevioads_preferences[0].adType = "banner"; sevioads_preferences[0].inventoryId = "709eacfd-152a-4aaf-80d4-86f42d7da427"; sevioads_preferences[0].accountId = "c4bfc39b-8b6a-4256-abe5-d1a851156d5c"; sevioads.push(sevioads_preferences);
Furthermore, unlike stablecoins issued by cryptocurrency-focused companies, SoFiUSD is fully backed 1:1 by cash held at the FED, meaning users can withdraw instantly without facing credit or liquidity risk.
The new stablecoin is designed to improve payment efficiency for businesses and financial institutions.
SoFiUSD offers instant and low-cost payments, as well as 24/7 real-time payment capabilities through public blockchains.
Initially limited to internal use only, SoFiUSD is expected to be offered to SoFi members in the coming months as part of a broader payment strategy.
@media only screen and (min-width: 0px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width:320px; height: 100px; } } @media only screen and (min-width: 728px) and (min-height: 0px) { div[id^="wrapper-sevio-d098b0a7-6bf7-478a-a0ee-0619d281a09c"] { width: 728px; height: 90px; } }
window.sevioads = window.sevioads || []; var sevioads_preferences = []; sevioads_preferences[0] = {}; sevioads_preferences[0].zone = "d098b0a7-6bf7-478a-a0ee-0619d281a09c"; sevioads_preferences[0].adType = "banner"; sevioads_preferences[0].inventoryId = "709eacfd-152a-4aaf-80d4-86f42d7da427"; sevioads_preferences[0].accountId = "c4bfc39b-8b6a-4256-abe5-d1a851156d5c"; sevioads.push(sevioads_preferences);
