Monad Lands SoftBank-Backed Stablecoin

SoFiUSD, the dollar-pegged stablecoin issued by SoFi Bank, has expanded to the Monad (@monad) blockchain through a distribution arrangement with digital asset infrastructure firm BitGo (@BitGo), broadening the token's presence across crypto markets.

A First for US Banking

SoFi Technologies launched SoFiUSD on December 18, 2025, calling it the first stablecoin issued by a US nationally chartered, FDIC-insured bank on a public, permissionless blockchain. The token went live on Ethereum, built on BitGo's stablecoin-as-a-service platform, and by April 2026 had expanded to Solana as the settlement layer for SoFi's enterprise banking product. The Monad integration marks a further step in that multi-chain rollout.

Nearly 15 million SoFi members can buy, sell, hold, and convert SoFiUSD, with each token redeemable 1:1 for US dollars through SoFi Bank. SoFi differs from crypto-native stablecoin issuers by operating under OCC supervision as a nationally chartered depository institution. That regulatory positioning is central to its pitch: none of the major competing stablecoin issuers hold a US national bank charter, whereas SoFiUSD sits inside a fully regulated bank with FDIC insurance on deposit balances.

BitGo Powers the Infrastructure

BitGo is providing the underlying plumbing for SoFiUSD's expanding distribution. BitGo's Stablecoin as a Service platform, launched in 2025, allows institutional clients to issue US dollar-backed stablecoins using its regulated trust infrastructure, covering token issuance, smart contract management, and reserve custody with automatic rebalancing and daily reconciliation.

SoFi says it aims to use SoFiUSD for traditional finance use cases like cross-border payments and B2B transactions, and plans future features including interest-earning tokenized deposits, FDIC-insured accounts, and 24/7 cross-border transfers. The Monad integration adds another chain to that ambition, giving the token access to a high-throughput network and a growing base of DeFi users.

The broader context matters too. After passage of the GENIUS Act on July 18, 2025, US banks gained a federal path to issue payment stablecoins under their existing regulators. Since then, other banks including Citi and PNC have announced plans to enter the stablecoin space through partnerships with Coinbase's crypto-as-a-service arm. SoFiUSD's continued chain expansion keeps SoFi ahead of that growing field.

Sources:
SoFi Technologies: SoFi Launches Fully Reserved Stablecoin (Official Press Release)
CoinDesk: SoFi Brings Bank-Issued Stablecoin to 15 Million Users
BitGo Holdings Q1 2026 Financial Results (SEC Filing)