SoFiUSD Is Now Live on Polygon Chain

tl;dr

SoFiUSD, the first stablecoin issued by a US national bank, is live on Polygon.
SoFi’s 17 million+ members can buy, sell, hold, and convert SoFiUSD directly inside the SoFi app.
Members and businesses can use SoFiUSD to pay, save, and move money, including across borders, faster and cheaper than through a bank.

SoFiUSD, the first stablecoin issued by a US national bank, is live on Polygon. It joins other supported networks for SoFiUSD, such as Ethereum and Solana. SoFi members can buy, sell, hold, and convert it directly inside the SoFi app. Over 17 million SoFi members already use the SoFi app to save, spend, borrow, and invest. Now, a growing share of that everyday money can move onchain, on Polygon.

What members can do with SoFiUSD

Inside the app, SoFiUSD behaves like the dollars members already hold there. They can buy it, sell it, hold it, and convert it, and every token is redeemable one-to-one for US dollars through SoFi Bank. There’s no separate wallet to set up.

What’s new is where those dollars can go once they’re on Polygon. A member can hold a dollar that stays a dollar and moves at any hour, on a network built for payments.

More is planned. Members will be able to move money across borders 24/7, with fewer delays and lower costs than a legacy transfer. Eligible members will be able to convert SoFiUSD into tokenized deposits that earn interest, with FDIC insurance applying to the underlying deposit account rather than the stablecoin.

Splitting a bill with a friend overseas on a Saturday stops being a Monday problem. A small business gets paid the moment a customer sends money instead of two business days later. Cashing out doesn’t mean opening a new account or paying a wire fee.

What businesses can build on it

A regulated dollar is one piece of a payment product. You also need a way to take money in, somewhere to hold it, a route to wherever it’s going, compliance across all of it, and a way to get it back out as local currency. Most companies buy those from five or six vendors that were never designed to work together.

Polygon Open Money Stack puts them in one integration: wallets, regulated fiat access, compliance tooling, conversion, cross-chain routing, and settlement. SoFiUSD now joins USDC, USDT, and PYUSD there. A business already settling on Polygon can settle in SoFiUSD without building anything new.

“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,” said Marc Boiron, CEO of Polygon Labs. “Bringing SoFiUSD to Polygon Open Money Stack connects those strengths with infrastructure built for fast, low-cost payments and interoperable settlement. Together, we can make bank-issued digital dollars more useful for consumers and businesses.”

Get started

SoFi members can find SoFiUSD in the SoFi app today. Details are at sofi.com/crypto/sofiusd.

Fintechs, banks, and payment platforms can build around it now. The wallets, ramps, and compliance tooling are live at the Open Money Stack.

If you’re looking to build with SoFiUSD, chat with our payments team.

SoFiUSD is a payment stablecoin, not a bank deposit. It is not insured by the FDIC or SIPC, is not bank guaranteed and is not legal tender. Terms, conditions and restrictions apply.

Disclaimer

This post is for general informational purposes only and does not constitute legal, financial, tax, regulatory, or investment advice. Nothing contained herein should be construed as a solicitation, offer, or recommendation to buy, sell, or engage with any product or service, nor should it be relied upon as the basis for any decision.

Users and institutions are solely responsible for ensuring that their access to and use of any Polygon product or service complies with all applicable laws, rules, and regulations in their respective jurisdictions. Polygon Labs makes no representation or warranty that any particular program configuration, feature, or use case will satisfy the legal or regulatory requirements of any specific jurisdiction. Users and institutions are strongly encouraged to seek independent legal counsel regarding their specific compliance obligations before engaging with any Polygon product or service.

The features, use cases, and illustrative examples described in this post are subject to applicable law and may not be available in all jurisdictions. All statements regarding future products, features, functionalities, or capabilities are forward-looking in nature and subject to change without notice. Such statements should not be relied upon as representations of future performance or availability.

Polygon Labs reserves the right, in its sole discretion and without prior notice, to modify, suspend, limit, restrict, or discontinue the program or any component of the Open Money Stack (“OMS”), in whole or in part, at any time. Use of OMS is subject to OMS terms and conditions. Polygon Labs further reserves the right to restrict or terminate access to any code, feature, or support for any user or in any jurisdiction where required by applicable legal or regulatory obligations.

Blockchain technology, smart contracts, and decentralized protocols involve inherent and significant risks, including but not limited to technical vulnerabilities, regulatory uncertainty, and potential loss of funds. To the fullest extent permitted by applicable law, Polygon Labs shall not be liable for any damage of any kind arising from or in connection with the use of, or reliance upon, the program, the Open Money Stack, or any information contained in this post.

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