BitGo will provide stablecoin infrastructure support for SoFiUSD and will expand institutional distribution.

CoinFeed reported on March 7th that, according to Businesswire, BitGo announced that its subsidiary, BitGo Bank & Trust, has been selected to provide stablecoin infrastructure services and support the distribution of SoFiUSD, issued by SoFi Bank. SoFiUSD is the first US dollar stablecoin issued on a public, permissionless blockchain by a nationally chartered and insured deposit bank in the United States. BitGo will provide SoFiUSD with technical and operational infrastructure, as well as institutional access and applications, through its "Stablecoin-as-a-Service" platform.