SOFI Stock Gains After SoFiUSD Stablecoin Rollout On Ethereum, Solana – ‘This Is What GENIUS Enabled,’ Says Crypto Council CEO

• SoFi Technologies on Wednesday launched SoFiUSD, which it described as the first stablecoin issued by a U.S. national bank.
• The stablecoin operates on the Ethereum and Solana blockchains and remains redeemable 1:1 for U.S. dollars.
• SoFi plans to list its stablecoin on crypto exchange Bullish.

Shares of SoFi Technologies (SOFI) edged higher on Wednesday morning after the company launched SoFiUSD (SoFiD), which it said is the first stablecoin issued by a U.S. national bank.

SOFI’s stock gained over 2% at market open. Retail sentiment around the fintech players on Stocktwits rose to ‘neutral’ from ‘bearish’ territory over the past day, but chatter stayed at ‘low’ levels. 

In a post on X, Crypto Council chief executive Ji Kim said the stablecoin rollout is an example of regulation and innovation going “hand in hand.” “This is what GENIUS enabled,” he wrote.

SoFi Launches Stablecoin On Ethereum And Solana

SoFiUSD is redeemable 1:1 for U.S. dollars from SoFi Bank and is available on both Ethereum (ETH) and Solana (SOL). The stablecoin is backed by regular independent attestations from a U.S.-licensed CPA. 

The company said full availability is expected by early June as users update to the latest version of the SoFi app. The first phase of the launch will be followed by the ability to convert SoFiUSD into tokenized deposits, which would earn interest and carry FDIC insurance, as well as cross-border transfers and a cryptocurrency exchange, Bullish (BLSH).

"At SoFi, we believe we can combine the speed and versatility of the blockchain with the trust of a bank to improve how money moves around the world," said CEO Anthony Noto. "People no longer have to choose between blockchain technology and regulated banking products."

The infrastructure underpinning SoFiUSD is provided by digital asset custodian BitGo through its Stablecoin-as-a-Service platform, a partnership that was announced in March, earlier this year. 

Stablecoin Competition Intensifies Across Wall Street

The launch comes at a pivotal moment for the broader stablecoin industry. The GENIUS Act, signed into law on July 18 last year, established a federal regulatory framework for payment stablecoins, giving federally chartered banks a clearer path to enter a market long dominated by crypto-native issuers. 

Total stablecoin market capitalization crossed $320 billion in April 2026, with Tether (USDT) holding roughly 58% market share and Circle Internet Group’s (CRCL) USDC  (USDC) accounting for most of the rest. 

Traditional finance has been moving fast to get a foothold. JPMorgan's (JPM) internal stablecoin, JPMD, is already processing more than $1 billion daily for corporate clients, while Mastercard (M) recently agreed to acquire stablecoin infrastructure company BVNK for $1.8 billion, marking the largest stablecoin acquisition in history. 

SoFi Expands Crypto Ambitions Amid Stock Struggles

For SoFi, the stablecoin push is part of a broader bet that its nearly 15 million members represent a ready-made distribution advantage. The company entered the digital asset market in 2019 through its SoFi Invest platform and secured a national bank charter in 2022 after acquiring Golden Pacific Bancorp.

SOFI’s shares have struggled in 2026, with the stock down nearly 40% year-to-date heading into Wednesday. The stock’s 52-week high stands at $32.73, hit in November 2025, against a 52-week low of $12.86. 

Read also: Crypto ‘Extreme Fear’ Returns With Bitcoin At $75K – Retail Traders Say BTC Bulls Missed The Tech Rally

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