Mentioned:
SoFi Technologies believes in the future of digital assets. Which is exactly why they’ve just launched their own stablecoin.
What’s happening:
- SoFi Technologies (NASDAQ: SOFI) has officially launched their own stablecoin known as SoFiUSD on the Ethereum blockchain
Why it matters:
- This is the first time in American history that a national bank has launched their own stablecoin on a public blockchain
Going deeper:
- SoFiUSD is fully backed 1:1 by cash for immediate redemption capabilities and and is fully compliant with the GENIUS Act
- SoFi Technologies has publicly stated they will allow banks, businesses and retailers to use SoFiUSD for payments and cross border transfers
The intrigue:
- SoFi Technologies also just recently made waves on Wall Street when they became the first nationally chartered and FDIC insured bank in America to allow users to directly trade crypto
