Fintech firm SoFi added SoFiUSD, described as the first stablecoin issued by a U.S. national bank, to Polygon’s payment infrastructure.
Decrypto, a blockchain media outlet, reported on Tuesday that SoFiUSD began operating on Polygon’s Open Money Stack, securing its third supported network after Ethereum and Solana.
Polygon’s Open Money Stack is a payments layer that combines fiat on- and off-ramps, embedded wallets and cross-chain settlement in a single integrated environment. This allows SoFi’s 17 million users to buy, sell, hold and convert Polygon-based SoFiUSD within the SoFi app without creating a separate crypto wallet or manually handling cross-chain asset transfers.
SoFiUSD operates on Polygon’s Open Money Stack alongside USDC, USDT and PayPal’s PYUSD. Companies can use this infrastructure by connecting to wallets, bank rails and local currencies for payouts, settlement and cross-border remittances. The move aligns with a trend in which stablecoins are expanding beyond trading tools into infrastructure for card-payment settlement, corporate payments and overseas remittances.
Marc Boiron (마크 보이런), CEO of Polygon Labs, said SoFi combines a national bank’s regulatory foundation with the reach of a large consumer and enterprise technology platform, putting it in a favorable position to bring stablecoins into mainstream finance.
SoFiUSD is redeemable 1-to-1 for U.S. dollars. The issuer is SoFi Bank, which is regulated by the Office of the Comptroller of the Currency. The token is a payments stablecoin rather than a bank deposit, and it is not covered by Federal Deposit Insurance Corp or Securities Investor Protection Corp insurance. It also does not have a bank guarantee or legal tender status.
SoFi launched SoFiUSD on Ethereum and Solana late last year. It has steadily expanded its digital money business and recently introduced a tokenised deposit product called SoFi Earn that offers a 4.40 percent yield and converts 1-to-1 into SoFiUSD. SoFi settles its entire card programme on the Mastercard network.
Polygon recently expanded Open Money Stack to Solana and its cumulative stablecoin transfer volume has surpassed $3 trillion. Visa and Mastercard support stablecoin settlement on Polygon, and Stripe uses Polygon to route USDC payments for merchants in more than 150 countries. In this situation, SoFiUSD’s addition became an opportunity to further strengthen Polygon’s payments business axis.
Ultimately, this measure is seen as part of SoFi’s process of growing stablecoins into a core pillar of its bank-led digital dollar product line-up. By joining Polygon’s payments network, SoFiUSD has expanded its points of contact beyond consumer transactions into corporate payouts and international remittances.
