SoFi Technologies has pushed its bank-issued dollar token onto a third blockchain, making SoFiUSD available on Polygon's payments infrastructure in a move that widens the reach of what the company calls the first stablecoin from a U.S. national bank.
Polygon Labs said Thursday that the token is now live on Polygon Open Money Stack, a payments layer that packages fiat on- and off-ramps, embedded wallets and cross-chain settlement into a single integration. SoFiUSD previously ran on Ethereum, where it launched in late 2025, and on Solana, which was added in May 2026.
The expansion means SoFi's more than 17 million members can buy, sell, hold and convert the token on Polygon from inside the SoFi app, without opening a separate crypto wallet or manually bridging assets between chains. Holders can redeem the token one-to-one for U.S. dollars through SoFi Bank, N.A., an Office of the Comptroller of the Currency-regulated national bank.
"SoFi is well positioned to bring stablecoins into mainstream finance because it combines the regulatory foundation of a national bank with the reach of a major consumer and enterprise technology platform," said Marc Boiron, chief executive of Polygon Labs.
For corporate users, the token plugs into a payments stack that bundles wallets, regulated fiat on- and off-ramps, compliance tooling, currency conversion, cross-chain routing and settlement. Businesses already settling on Polygon can pay in SoFiUSD without building new plumbing, the company said. On that layer the token joins Circle's USDC, Tether's USDT and PayPal's PYUSD.
Note: Dates reflect the rollout chronology described in the announcements.
SoFi has been building out a broader set of digital-money products around the token. The company recently introduced SoFi Earn, a tokenized deposit paying 4.40% that converts one-to-one into SoFiUSD. Members are expected to be able to move into that yield-bearing product from the stablecoin. Insurance coverage from the Federal Deposit Insurance Corp. applies to the underlying deposit account, not to the stablecoin itself.
SoFi has been careful to draw lines around what the product is. SoFiUSD is a payment stablecoin, not a bank deposit, and it is not insured by the FDIC or the Securities Investor Protection Corp., nor is it bank-guaranteed or legal tender. The token is fully reserved in U.S. dollars. SoFiUSD also already settles the company's entire card program over Mastercard's network.
The listing lands as stablecoins migrate from crypto trading desks into the plumbing that moves money for card settlement, business payouts and cross-border transfers. SoFi said it intends to use the Polygon connection to enable round-the-clock cross-border remittances.
Polygon has been positioning its payments business as a growth engine. The network says it has processed more than $3 trillion in lifetime stablecoin transfer volume. Visa and Mastercard support stablecoin settlement on Polygon, and Stripe routes USDC payments for merchants in more than 150 countries over the chain. Polygon Labs has also extended Open Money Stack to Solana, giving businesses on that network a single connection to pull funds from bank accounts, move crypto across chains and pay out to customers and suppliers.
The addition of a nationally chartered bank's token to a public, permissionless network marks a step in the convergence of regulated banking and open blockchains. For SoFi, the third-network rollout broadens distribution for a product it has pitched as infrastructure for banks, fintechs and enterprise platforms rather than a retail trading vehicle. For Polygon, hosting a bank-issued dollar alongside the three largest commercial stablecoins strengthens its case to enterprises weighing settlement options.
SoFi shares trade on Nasdaq under the ticker SOFI.
