SoFi Bank Launches SOFID Stablecoin to 15 Million Members With Dual On-/Off-Platform Structures

SoFi Bank has launched SoFiUSD (SOFID), a stablecoin accessible to nearly 15 million members through the SoFi app, running on Ethereum and Solana with further networks planned. The token operates under two distinct legal regimes: when held on the SoFi platform it functions as a tokenised deposit, earning interest and carrying FDIC insurance; when moved off-platform it becomes a stablecoin, shedding both protections. SoFi has also listed SOFID on centralised exchange Bullish for institutional trading.

The dual structure puts the burden of legal clarity on the user. Existing members face an immediate question: whether on-platform interest and insurance justify the custody and withdrawal constraints of a deposit token, or whether portability matters more. The terms of use and risk disclosure, now published, highlight that the switch between deposit and stablecoin is not automatic; members must understand which regime applies at any moment, a friction that could complicate operational and accounting treatment for treasury users or platforms integrating SOFID.