SoFi Moves $25B Card Business to Its Own Stablecoin SoFiUSD
- —Card business processes more than $25 billion in annualized volume
- —SoFiUSD is issued by SoFi Bank, a nationally chartered US bank regulated by the OCC
- —Settlement is already live in production via Mastercard, not a pilot
- —Token is backed primarily by cash reserves and redeemable 1:1 for USD
Why it matters: Banks issuing their own settlement stablecoins could reduce demand for third-party tokens such as RLUSD and USDC.
Source: Coinpaper