SoFi launches the first stablecoin issued by a U.S. national bank, SoFiUSD

SoFi Bank has become the first U.S. national bank to launch a stablecoin, introducing the USD stablecoin SoFiUSD, which is backed 1:1 by cash held at the Federal Reserve. The token operates on public blockchains and is issued by a national bank insured by the FDIC, offering instant settlement and white-label services for enterprises. SoFiUSD is initially limited to internal use and is expected to be made available to SoFi members in the coming months.