SoFi has expanded SoFiUSD, which it describes as the first stablecoin issued by a U.S. national bank, to Polygon Open Money Stack, adding Polygon alongside Ethereum and Solana as networks supporting the token.
Polygon Labs said Thursday that SoFiUSD is now live on the payments layer, which bundles fiat on- and off-ramps, embedded wallets and cross-chain settlement into a single integration.
The addition lets SoFi’s more than 17 million members buy, sell, hold and convert the token on Polygon directly in the SoFi app, without opening a separate crypto wallet or manually bridging assets between chains.
Payments infrastructure
On Polygon Open Money Stack, SoFiUSD joins USDC, USDT and PayPal’s PYUSD. The token can connect to the wallets, banking rails and local currencies businesses use for payouts, settlement and cross-border transfers, extending its use beyond consumer trading.
The expansion comes as stablecoins move beyond crypto trading into infrastructure used to settle card payments, pay businesses and send money across borders.
“SoFi is well positioned to bring stablecoins into mainstream finance because it combines the regulatory foundation of a national bank with the reach of a major consumer and enterprise technology platform,” said Marc Boiron, CEO of Polygon Labs.
Bank issuance and existing uses
SoFiUSD is redeemable one-to-one for U.S. dollars and is issued by SoFi Bank, which is regulated by the Office of the Comptroller of the Currency.
SoFi launched the token late last year across Ethereum and Solana, and it already settles the company’s entire card program over Mastercard’s network. SoFi has also launched SoFi Earn, a tokenized deposit that pays 4.40% yield and converts one-to-one into SoFiUSD.
Polygon’s stablecoin footprint
Polygon recently extended Open Money Stack to Solana. The company says the chain has processed more than $3 trillion in lifetime stablecoin transfer volume.
Visa and Mastercard support stablecoin settlement on Polygon, while Stripe uses it to route USDC payments for merchants in more than 150 countries.
Disclosures
SoFiUSD is a payment stablecoin, not a bank deposit, and is not FDIC- or SIPC-insured, bank-guaranteed or legal tender.
