SoFiUSD
sofidWhat is SoFiUSD?
SoFiUSD is SoFi Bank, N.A.'s dollar-denominated stablecoin, issued under the SOFID symbol. It is a tokenized payment and settlement instrument rather than SoFi Technologies' SOFI stock, a governance token, or evidence of ownership in SoFi Bank. The initial December 2025 release positioned it as infrastructure for banks, fintechs and enterprise platforms; the May 2026 expansion made it available to SoFi members inside the banking app.
What problem does SoFiUSD solve?
SoFi presents SoFiUSD as a way to combine blockchain settlement with bank-operated dollar infrastructure: always-on transfers, programmable payments and interoperability across public networks. Its current consumer use is buying, selling, holding and converting in the SoFi app, while enterprise settlement and cross-border use are broader product objectives. Planned tokenized-deposit conversion should not be described as a live SOFID feature: independent reporting says that conversion, interest and FDIC-insured deposit functionality were still forthcoming.
How does SoFiUSD work?
SoFi describes SOFID as redeemable 1:1 for U.S. dollars from SoFi Bank, subject to current eligibility and account terms; PYMNTS reports liquid assets supporting outstanding tokens and regular independent-CPA attestations. The live public-chain deployments reported by SoFi and independent coverage are Ethereum and Solana; the Ethereum token page records a six-decimal ERC-20 at 0x0CB6d03B0aC88A463F67B7Ad99f9f3ec4678092E. The verified Ethereum implementation is an upgradeable proxy with role-based controls: master minters and bridge minters can mint/burn within configured limits, while freezer, blacklister, rescuer and upgrader roles can pause, restrict, recover or change implementation. Those controls mean ordinary holders have transfer access and issuer-described redemption availability subject to current eligibility and account terms, not protocol governance, bank-equity ownership or a guaranteed FDIC deposit claim.
Key facts
- SoFiUSD is issued by SoFi Bank, N.A.; it is not the SOFI equity ticker and no prior token name or rebrand is evidenced in the reviewed sources.
- SoFi announced the infrastructure launch in December 2025 and member availability on May 27, 2026; the latter was independently reported by PYMNTS and American Banker.
- SoFi describes SOFID as redeemable 1:1 for U.S. dollars, subject to current eligibility and account terms; independent reports say SoFi Bank maintains liquid assets for outstanding tokens and regular CPA attestations are performed.
- Current reported live networks are Ethereum and Solana. The Ethereum ERC-20 address is 0x0CB6d03B0aC88A463F67B7Ad99f9f3ec4678092E and the explorer reports six decimals.
- The Ethereum token is an ERC-1967 proxy pointing to a verified Stablecoin implementation, so implementation-level behavior can be changed by an authorized upgrader.
- The verified implementation exposes role-based minting and bridge minting, per-minter limits, pause/unpause, blacklist/unblacklist, destruction of blacklisted funds and token-rescue functions.
- SOFID ownership does not itself establish voting rights, SoFi stock ownership, reserve-asset ownership or a bank-deposit/FDIC-insurance claim; American Banker specifically distinguishes stablecoins from planned tokenized deposits and notes stablecoins are not FDIC-insured.
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Frequently asked questions
Is SoFiUSD the same thing as SoFi stock?
No. SoFiUSD (SOFID) is a dollar stablecoin issued by SoFi Bank, N.A.; SOFI is SoFi Technologies' equity ticker. Holding SOFID does not confer ownership of SoFi Technologies or SoFi Bank.
Can a holder redeem SoFiUSD for dollars?
SoFi describes SOFID as redeemable 1:1 from SoFi Bank, subject to current eligibility and account terms. That is an issuer redemption claim, not proof that every wallet can redeem directly on-chain under identical terms; users should check SoFi's current eligibility and account terms.
Is SoFiUSD an FDIC-insured bank deposit?
No. American Banker reports that stablecoins are not currently FDIC-insured and distinguishes them from SoFi's planned tokenized-deposit conversion. A SOFID balance should not be presented as an insured deposit.
Where is SoFiUSD live?
The May 2026 launch materials and independent coverage identify Ethereum and Solana as live networks. The verified Ethereum contract is 0x0CB6d03B0aC88A463F67B7Ad99f9f3ec4678092E; additional networks were described as future expansion.
Does SOFID have a fixed maximum supply or vesting schedule?
No public vesting schedule or fixed protocol maximum is established by the reviewed issuer and technical sources. Ethereum's explorer snapshot reports a six-decimal token and an on-chain supply figure, but multichain supply can change through authorized mint/burn operations, so a single market-data number should not be treated as a permanent cap.
Can the issuer freeze or change the token?
The verified Ethereum implementation exposes freezer and blacklister roles, pause and blacklist functions, destruction of blacklisted funds, and a UUPS upgrade function restricted by an upgrader role. The ABI proves available control surfaces, not which named individuals or entities currently hold each role.
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