SoFi Technologies has selected digital asset custodian BitGo to support the launch of its bank-issued stablecoin, the latest sign of growing momentum around federally regulated stablecoins for payments and settlements.
Under the partnership, BitGo will provide stablecoin infrastructure services for SoFiUSD, a U.S. dollar-pegged token issued by SoFi Bank, a nationally licensed and insured depository institution, companies revealed Thursday.
The agreement will be implemented through BitGo’s “stablecoin-as-a-service” platform, which will support the issuance of SoFiUSD and facilitate connect the token with payment service providers, market participants and cryptocurrency exchanges.
SoFi says SoFiUSD is the first stablecoin issued by a nationally licensed and insured U.S. depository bank on a public, permissionless blockchain.
SoFi Technologies is a publicly traded digital finance company listed on the Nasdaq Stock Exchange, offering lending, banking and investment products to nearly 14 million members. The company entered the digital assets market in 2019, adding cryptocurrency trading through its SoFi Invest platform, and later obtained a national bank charter after acquiring Golden Pacific Bancorp in 2022, establishing SoFi Bank.
Related: Crypto Investment Guide 2026: Bitcoin, Stablecoin Infrastructure, Tokenized Assets
American companies are racing to build stablecoin infrastructure
SoFi’s entry into the stablecoin market comes amid a broader shift toward a regulated digital dollar infrastructure in the United States, following the passage of the GENIUS Act, which establishes a federal regulatory framework for payment stablecoins and their issuers.
In this context, financial technology companies are expanding the infrastructure necessary to support payments and settlements using stablecoins.
As Cointelegraph reports, payment operations platform Modern Treasury recently launched an integrated payment service that runs stablecoin rails alongside established banking infrastructure. The system allows companies to settle transactions using stablecoins, in addition to conventional payment methods such as ACH transfers and electronic payments.
The platform currently supports several dollar-pegged tokens, including USDC (USDC), Global Dollar (USDG), and Pax Dollar (USDP).
Digital asset infrastructure company Stablecore recently joined the Jack Henry Fintech Integration Network, which connects nearly 1,700 financial institutions. The integration enables banks and credit unions on the network to offer stablecoin and tokenized asset services through their existing banking platforms.
Related: Wall Street’s Cryptocurrency Debate Is Over as Banks Bet on BTC, Stable Coins and Tokenized Cash
