SoFi Brings Its Bank-Issued Stablecoin to Polygon’s Payments Stack

SoFi has added its US dollar stablecoin, SoFiUSD, to Polygon’s payments infrastructure, expanding the token’s reach beyond Ethereum and Solana. The move matters because it gives SoFi customers and businesses another way to use stablecoins for payments and transfers, as financial firms explore their role in everyday money movement.

SoFi’s more than 17 million members can buy, sell, hold and convert SoFiUSD on Polygon through the SoFi app without a separate crypto wallet or manual asset transfer. Issued by OCC-regulated SoFi Bank and redeemable one-to-one for US dollars, the token is a payment stablecoin, not an insured bank deposit. Polygon says its network has processed more than $3 trillion in lifetime stablecoin transfers.