SoFi Puts Its Bank-Issued Stablecoin SoFiUSD on Polygon

SoFi has expanded SoFiUSD — the first stablecoin issued by a U.S. national bank — to Polygon's Open Money Stack, adding the network alongside Ethereum and Solana, Polygon Labs announced Thursday. The integration lets SoFi's more than 17 million members buy, sell, hold and convert the token on Polygon directly inside the SoFi app, with no separate crypto wallet and no manual bridging between chains.

SoFi Bank, regulated by the Office of the Comptroller of the Currency, issues the token, which redeems one-to-one for U.S. dollars. SoFi launched SoFiUSD late last year across Ethereum and Solana as the first stablecoin from a U.S. national bank, and it already settles the company's entire card program over Mastercard's network.

What does the Polygon integration change?

Polygon's Open Money Stack bundles fiat on- and off-ramps, embedded wallets and cross-chain settlement into a single integration. On that stack, SoFiUSD joins USDC, USDT and PayPal's PYUSD — tokens that sit on infrastructure Visa, Mastercard and Stripe already use.

The operational consequence is breadth of rails. SoFiUSD on Polygon can connect to the wallets, banking rails and local currencies that businesses need for payouts, settlement and cross-border transfers, extending the token's utility well beyond consumer trading. Marc Boiron, CEO of Polygon Labs, framed the bank angle as the differentiator: "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."

How big is Polygon's payments business?

For Polygon, the addition deepens a franchise the company now measures in trillions. The chain has processed more than $3 trillion in lifetime stablecoin transfer volume, according to Polygon. Visa and Mastercard support stablecoin settlement on the network, and Stripe routes USDC payments for merchants in more than 150 countries over Polygon. Polygon recently extended Open Money Stack to Solana as well.

The expansion lands as stablecoins shift from exchange-traded assets into settlement plumbing — the systems that clear card payments, pay businesses and move money across borders. SoFi has been building toward that shift across its balance sheet. Beyond SoFiUSD, the firm recently launched SoFi Earn, a tokenized deposit paying 4.40% yield that converts one-to-one into SoFiUSD.

What are the regulatory boundaries?

SoFi draws a firm line between the two products. SoFiUSD is a payment stablecoin, not a bank deposit, and carries no FDIC or SIPC insurance, no bank guarantee and no legal-tender status. SoFi Earn, by contrast, sits inside the regulated deposit framework. The distinction matters as U.S. lawmakers continue to debate federal stablecoin legislation that would formalize issuance and reserve standards for bank- and non-bank-issued tokens alike.

With a national bank charter behind the issuer and three major networks now carrying the token, SoFiUSD has moved from a pilot launch to multi-chain payments infrastructure in under a year — and the next catalyst is federal stablecoin rules that could determine how many banks follow.