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SoFi's bank-issued SoFiUSD stablecoin goes live on Polygon

SoFiUSD, which Polygon calls the first stablecoin issued by a US national bank, is live on Polygon alongside Ethereum and Solana. SoFi members can buy, sell, hold and convert it in the SoFi app, and every token is redeemable one-to-one for US dollars through SoFi Bank. Cross-border transfers and interest-earning tokenised deposits are still plans, and no circulating supply was disclosed.

13 November 2026Spectrum Web Co4 min read

Image: Polygon Labs

Polygon said on 12 November 2026 that SoFiUSD is live on Polygon. It describes the token as the first stablecoin issued by a US national bank, and says it joins other supported networks, such as Ethereum and Solana[1]. Members can buy, sell, hold and convert it inside the SoFi app. Polygon says there is no separate wallet to set up, and that every token is redeemable one-to-one for US dollars through SoFi Bank[1].

The Block, citing a Polygon Labs statement shared with it that day, says the token is on Polygon Open Money Stack as well as Ethereum and Solana, issued by SoFi Bank, N.A., a national bank regulated by the Office of the Comptroller of the Currency. Members, it says, need no separate wallet and no manual bridge[2]. Decrypt names the same three networks and calls SoFiUSD the first stablecoin issued by a US national bank[3]. Unchained calls Polygon the third blockchain and says SoFi describes the token as "the first stablecoin issued by a U.S. national bank"[4].

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In the SoFi app

Polygon says members can find SoFiUSD in the app today, and that inside the app it behaves like the dollars they already hold[1]. Decrypt and Unchained also say there is no separate wallet and no manual bridge[3][4]. Polygon, The Block and Decrypt each say more than 17 million members[1][2][3]. Unchained says SoFi reported 17.1 million members at the end of September[4].

Polygon's opening summary says members and businesses can use SoFiUSD to pay, save and move money, including across borders, faster and cheaper than through a bank[1]. The body of the same post marks two uses as still ahead. 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 tokenised deposits that earn interest, with Federal Deposit Insurance Corporation (FDIC) insurance applying to the underlying deposit account rather than the stablecoin[1]. Polygon presents both as plans.

Decrypt, on SoFi's wider digital-money work, says the firm recently launched SoFi Earn, a tokenised deposit that pays a 4.40% yield and converts one-to-one into SoFiUSD[3]. The Block says that in October SoFi launched a tokenised deposit that lets customers convert deposits into SoFiUSD at a one-to-one rate[2]. Neither report says that product is the conversion Polygon still lists as planned, and Polygon names no rate[1].

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Open Money Stack

Polygon says Open Money Stack bundles wallets, regulated fiat access, compliance tooling, conversion, cross-chain routing and settlement in one integration. SoFiUSD joins USDC, USDT and PYUSD, and a business already settling on Polygon can settle in SoFiUSD "without building anything new"[1]. The Block names the other three as Circle's USDC, Tether's USDT and PayPal's PYUSD[2].

Decrypt says the layer bundles fiat on-ramps and off-ramps, embedded wallets and cross-chain settlement, and that SoFiUSD joins USDC, USDT and PayPal's PYUSD on a stack Visa, Mastercard and Stripe already use[3]. That firm list is Decrypt's. Polygon's post does not name Visa, Mastercard or Stripe[1].

Marc Boiron, CEO of Polygon Labs, said: "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. 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."[1]

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A third network, and what the token is not

Unchained says SoFi launched the token in December 2025 as settlement plumbing for banks, fintechs and enterprise partners, then opened it to members in May on Ethereum and Solana, and said more networks would follow[4]. Decrypt says SoFiUSD already settles the company's entire card programme over Mastercard's network[3]. The Block says that in September the bank began settling card transactions with the stablecoin on Mastercard's network[2].

Polygon's disclaimer says SoFiUSD is a payment stablecoin, not a bank deposit. It is not insured by the FDIC or the Securities Investor Protection Corporation (SIPC), it is not bank guaranteed, and it is not legal tender[1]. Decrypt states the same limits[3]. Unchained, citing the release, says the token is not a bank deposit and carries no FDIC or SIPC insurance, and that SoFi Bank, N.A. is overseen by the Office of the Comptroller of the Currency[4]. None of the four reports discloses a circulating supply for SoFiUSD, or a transfer volume for the Polygon launch[1][2][3][4].

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Why it matters

What is live is in-app access on a third network[1][4]. Polygon says a business already settling there can add SoFiUSD without a new build[1]. The 24/7 cross-border transfer, and conversion into an interest-earning tokenised deposit, are still plans. Any FDIC insurance Polygon mentions would apply to the deposit account, not the stablecoin[1].

Spectrum has covered a separate bank-issued stablecoin in card settlement, Anchorage Digital and Visa adding Western Union's USDPT. These reports do not say SoFiUSD settles VisaNet.

Sources

Sources for this story.

FAQ

Frequently asked questions.

What is SoFiUSD, and is it live on Polygon?

Polygon said on 12 November 2026 that SoFiUSD is live on Polygon, joining Ethereum and Solana. Polygon describes it as the first stablecoin issued by a US national bank. Unchained calls Polygon the token's third blockchain. The Block says it is issued by SoFi Bank, N.A., a national bank regulated by the Office of the Comptroller of the Currency, and that it is redeemable one-to-one for US dollars. Polygon says every token is redeemable through SoFi Bank.

What can SoFi members do with SoFiUSD on Polygon today?

Polygon says members can buy, sell, hold and convert SoFiUSD inside the SoFi app, with no separate wallet to set up. The Block, Decrypt and Unchained also report that members do not have to bridge the token between networks by hand. Polygon says SoFi's 17 million-plus members can do this on Polygon. Unchained says SoFi reported 17.1 million members at the end of September.

What has Polygon said is still planned?

Polygon says members will be able to move money across borders 24/7, with fewer delays and lower costs than a legacy transfer, and that eligible members will be able to convert SoFiUSD into tokenised deposits that earn interest. It says FDIC insurance would apply to the underlying deposit account, not to the stablecoin. Those are written as what members will be able to do. Decrypt separately says SoFi recently launched SoFi Earn, a tokenised deposit that pays a 4.40% yield and converts one-to-one into SoFiUSD. Polygon does not name that product or a rate for the planned conversion.

What is Polygon Open Money Stack?

Polygon says Open Money Stack puts wallets, regulated fiat access, compliance tooling, conversion, cross-chain routing and settlement in one integration. SoFiUSD joins USDC, USDT and PYUSD there, and Polygon says a business already settling on Polygon can settle in SoFiUSD without building anything new. Decrypt says this is a stack that Visa, Mastercard and Stripe already use. That firm list is Decrypt's, not a line in Polygon's post.

Is SoFiUSD a bank deposit, and was a supply published?

Polygon says SoFiUSD is a payment stablecoin, not a bank deposit. It is not insured by the FDIC or SIPC, it is not bank guaranteed, and it is not legal tender. Decrypt states the same limits. Unchained, citing the release, says it is not a bank deposit and carries no FDIC or SIPC insurance. None of these reports gives a circulating supply for SoFiUSD, or a transfer volume for the Polygon launch.

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