SoFi Chooses BitGo to Power Bank-Issued Stablecoin SoFiUSD
SoFi has chosen BitGo to support the launch of SoFiUSD, a US dollar–pegged stablecoin that will be issued by the bank. BitGo will serve as the custody and token infrastructure partner for the project, marking a notable instance of a regulated lender deploying a bank-issued digital dollar product.
The announcement arrives as US fintechs and banks accelerate digital dollar infrastructure in response to recent federal legislation, and it matters because bank-issued stablecoins could draw more mainstream and institutional users by relying on regulated custody and compliance frameworks. Partnerships like this may speed integration with existing banking rails and payment services, but regulatory oversight, reserve reporting and on-chain transparency will be critical factors for adoption and market confidence.