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The post SoFi Launches SoFiUSD Stablecoin as US Banks Explore Dollar-Backed Tokens appeared com. SoFi Technologies has introduced SoFiUSD, a fully reserved US dollar stablecoin issued by SoFi Bank. Backed one-to-one by cash reserves, it supports efficient payments and settlements for banks, fintechs, and enterprise platforms. Initially on Ethereum, it aims to enhance cross-border transactions and internal operations while maintaining regulatory compliance. SoFiUSD Launch: Issued by SoFi Bank for seamless payments Redeemable on demand and designed for low-cost settlements across financial networks Backed by 100% cash reserves; stock rose 5% post-announcement, up 70% in six months per Yahoo Finance data Discover SoFiUSD stablecoin: SoFi’s new dollar-backed token revolutionizes payments for banks and fintechs. Explore its features, benefits, and impact on US stablecoin adoption today. What is SoFiUSD Stablecoin? SoFiUSD stablecoin is a fully reserved digital asset issued by SoFi Bank, maintaining a one-to-one peg to the US dollar through cash reserves held in a federally insured depository institution. Launched by SoFi Technologies, it facilitates low-cost, efficient settlements for payments across banking, fintech, and enterprise ecosystems. Redeemable on demand, SoFiUSD prioritizes stability and accessibility in digital transactions. This positions it as a reliable tool for environments with currency volatility, currently operational for internal settlements with broader rollout planned. How Are Major US Banks Exploring Stablecoins? Major US banks are increasingly evaluating stablecoins following the GENIUS Act’s passage in July, which established clearer regulations for dollar-backed digital tokens. JPMorgan Chase CEO Jamie Dimon announced plans to engage with stablecoins and deposit-based tokens during an earnings call, driven by fintech competition. Citigroup CEO Jane Fraser echoed this, indicating exploration of stablecoin issuance for digital payments. Bank of America CEO Brian Moynihan revealed early-stage investigations into stablecoins as payment and settlement mechanisms, emphasizing preparation for adoption.