SoFi, a national US bank, launched its USD stablecoin, SoFiUSD, which is now available on the Ethereum blockchain.

SoFi states that it can hold cash reserves in a Federal Reserve account, share profits, and support white-label issuance by partners or direct access to settlement and payment processes. This stablecoin will also be used for card networks, retail settlements, SoFi Pay cross-border remittances, and POS payments.