SoFi has picked BitGo to provide the core infrastructure and distribution support for SoFiUSD, a new US dollar pegged stablecoin issued by SoFi Bank on a public, permissionless blockchain.
Key Takeaways
- SoFi selected BitGo Bank and Trust to provide stablecoin infrastructure and help support distribution for SoFiUSD.
- SoFi says SoFiUSD is the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain.
- The rollout uses BitGo’s Stablecoin as a Service platform and aims to expand institutional access through payment providers, market participants, and exchanges.
- The move comes as interest in federally regulated stablecoins grows in the United States following the GENIUS Act framework for payment stablecoins.
What Happened?
SoFi Technologies has chosen BitGo to support the launch and distribution of SoFiUSD, a stablecoin issued by SoFi Bank, N.A. BitGo will provide the technology and operational setup through its Stablecoin-as-a-Service platform, while also working with partners across payments and crypto markets to broaden access to the token.
BitGo is providing stablecoin infrastructure services and supporting distribution for SoFiUSD, the first stablecoin issued by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain.
— BitGo (@BitGo) March 5, 2026
Following the passage of the GENIUS Act, this partnership… pic.twitter.com/aQTS9wL2yQ
BitGo Becomes the Infrastructure Partner for SoFiUSD
The partnership centers on BitGo Bank and Trust, an OCC regulated digital asset trust bank, providing the plumbing that allows SoFi Bank to issue and manage SoFiUSD. BitGo’s role covers both the technical rails and the operational workflow needed for minting, burning, and moving the token in a way that can scale for institutional users.
BitGo CEO and co founder Mike Belshe framed SoFiUSD as a sign of regulated banking meeting blockchain efficiency, saying BitGo is proud to provide infrastructure that helps SoFi issue a stablecoin that is safe, reliable, and ready to scale.
SoFi also highlighted the distribution angle. Simon Griffin, Business Lead for Crypto Distribution at SoFi, said:
Why SoFiUSD Stands Out?
SoFi says SoFiUSD is the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain. That positioning matters because stablecoins have often been associated with non bank issuers, even as they play a growing role in payments, trading, and settlement.
SoFiUSD is designed to meet strict technical and regulatory expectations while offering the speed and always on nature of blockchain rails. The companies describe the token as supporting faster settlement, round the clock liquidity, and a stronger bridge between traditional banking and digital assets.
Key design points highlighted for SoFiUSD include:
- Issued 1 to 1 to the US dollar, with SoFiUSD issued against the dollar.
- Transparency supported by attestations from third party auditors.
- Regulatory first infrastructure, with both SoFi Bank and BitGo Bank and Trust described as OCC regulated institutions.
- Global scalability, with BitGo infrastructure built to handle large scale assets.
- Institutional grade smart contracts and custody, with access controls and compliance features designed for secure minting, burning, and transactions.
Distribution Plans Target Institutions and Market Integration
Beyond issuance, BitGo will help connect SoFiUSD to the broader digital asset ecosystem. The plan is to collaborate with select payment providers, market participants, and exchanges to make the token easier for institutions to access and integrate.
SoFiUSD is also being positioned as a practical settlement tool. One description compares it to a tokenized bank deposit, saying holders can redeem on demand while moving value across public blockchains near instantaneously. That makes the stablecoin relevant for areas like enterprise settlement, fintech platform integrations, and payment applications.
SoFi’s own footprint could also matter here. The company is a publicly traded, Nasdaq listed digital finance firm that serves nearly 14 million members, spanning lending, banking, and investing. It entered crypto in 2019 through SoFi Invest and later secured a national bank charter after acquiring Golden Pacific Bancorp in 2022, creating SoFi Bank. That blend of consumer scale and regulated banking structure gives SoFi a larger base to plug stablecoin services into over time, including through its Galileo Financial Technologies infrastructure.
The Regulatory and Market Backdrop in the United States
SoFi’s entry into stablecoins lands during a broader push toward regulated digital dollar infrastructure in the United States. One major driver cited is the GENIUS Act, which sets out a federal framework for payment stablecoins and their issuers.
At the same time, infrastructure providers are building the tools that make stablecoin payments more practical. Recent examples include Modern Treasury launching payments that support stablecoin rails alongside traditional methods like ACH and wire transfers, and Stablecore joining the Jack Henry Fintech Integration Network to help banks and credit unions offer stablecoin and tokenized asset services through existing platforms.
CoinLaw’s Takeaway
I see this as a serious step toward stablecoins becoming normal financial infrastructure, not just a crypto trading tool. In my experience, the biggest barrier for institutions is not the token itself, it is the trust layer around custody, compliance, issuance controls, and redemption clarity. This partnership is clearly trying to solve that. I found the most important signal here is that SoFi is leaning on regulated rails and a specialist infrastructure provider at the same time. If more nationally chartered banks follow this route, stablecoin payments could start feeling less like an experiment and more like a default option for settlement.
