Crypto: the banking stablecoin SoFiUSD arrives on Polygon

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On Thursday, November 12, SoFi Bank activated its digital dollar on the Polygon network. It is the first stablecoin issued by an American national bank, supervised by the OCC, the policeman of federal banks.

Each token is exchanged for a US dollar, one for one, but this digital dollar is not a bank deposit. It does not benefit from any guarantee from the FDIC, the federal deposit insurance, nor from its stock market equivalent, the SIPC.

Concretely, SoFi’s 17 million members buy, sell and convert the token in the in-house application. No need to open a separate wallet or move your funds manually from one chain to another.

For example, a customer can buy, sell and convert SoFiUSD on Polygon directly in the app, without ever touching a bridge. The maneuver involves Polygon’s Open Money Stack.

This technical stack brings together gateways to the dollar, on-board wallets and cross-chain settlement, all in a single interface. According to a press release from Polygon Labs, it connects bank accounts to stablecoins and local currencies.

For the boss of Polygon Labs, Marc Boiron, SoFi is well placed to install stablecoins in everyday finance. SoFi brings together the license of a national bank and the audience of a large consumer technology platform.

On this stack, SoFiUSD finds Circle's USDC, Tether's USDT and PayPal's PYUSD, already installed on the same rails. Stripe already routes USDC payments there for merchants in over 150 countries.

The network boasts a cumulative volume of stablecoins transferred in excess of $3 trillion since its inception. This accumulation covers the entire life of the chain, and not just the exchanges of the SoFi token since November 12.

SoFi launched its token at the end of 2025, first as settlement plumbing reserved for banks, fintechs and partner companies. Direct access for members, from the in-house application, only arrived later.

At the end of the third quarter, the fintech had 503,000 crypto products. Its gross revenues from these transactions reached $161.6 million, up 20% quarter-on-quarter.

In October, SoFi launched SoFi Earn, a tokenized deposit paying 4.40%, whose holdings convert into SoFiUSD, always one for one.

In September, the bank was already settling its card payments in stablecoin on the Mastercard network. It had also announced, a few weeks earlier, that it would connect its SoFi Exchange Network to Kraken’s infrastructure.

At the same time, Polygon is expanding its payments layer, and the chain opened its technical stack to Solana a few weeks ago. A way to strengthen the payments activity, which has become one of the network's trademarks.

On the card side, Visa has just connected the Monad blockchain to its stablecoin settlement network. The payment giants are all looking for their rail, and the banks are looking for their digital currency.

Polygon's stack also targets businesses, from remittances to cross-border transfers. Polygon Labs does not want to compete with stablecoin issuers, only provide piping to banks and fintechs.

For its part, SoFi is already of interest to large funds, like Ark Invest which has just increased its investment in fintech. This bank dollar must now prove its usefulness beyond speculation.

An editorial article. Le Journal du Coin, the first French-speaking news media on cryptocurrency, Bitcoin, and blockchain protocols.

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Machine-translated from French