SoFi Bank, N.A., an OCC-regulated national bank, made its stablecoin SoFiUSD live on the Polygon network on Thursday. This addition makes Polygon the third blockchain for the token, joining Ethereum and Solana where it has operated since May 2026. The move integrates the asset into the "Open Money Stack," a payments layer that bundles fiat on- and off-ramps, embedded wallets, and cross-chain settlement into a single interface. SoFi’s more than 17 million members can now buy, sell, hold, and convert SoFiUSD directly within the SoFi app without needing a separate crypto wallet or manually bridging assets between chains. The token is redeemable one-to-one for U.S. dollars but is explicitly not a bank deposit and carries no insurance from the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.
A Clear Win for Mainstream Adoption
The integration clearly positions SoFi to bring stablecoins into mainstream finance by combining the regulatory foundation of a national bank with the reach of a major consumer and enterprise technology platform. Polygon Labs CEO Marc Boiron stated that this combination allows the company to serve customers who want to use different stable coins while businesses create their own to earn revenue. SoFiUSD joins Circle’s USDC, Tether’s USDT, and PayPal’s PYUSD on the stack, which Visa, Mastercard, and Stripe already use for various payment functions. The network has processed more than $3 trillion in lifetime stablecoin transfer volume, and Stripe uses it to route USDC payments for merchants in more than 150 countries. BitGo prepared for this expansion over three months earlier when the custodian merged SoFiUSD token definitions for Polygon, Tempo, and Monad into its open-source software library on July 31.
This development is part of a broader push by SoFi to build out its digital money suite throughout 2026. The company reported 503,000 crypto products at the end of the third quarter, with gross crypto transaction revenue reaching $161.6 million, up 20% from the prior quarter. In October, SoFi launched its tokenized deposit product called SoFi Earn, which pays a 4.40% yield and converts deposits into SoFiUSD at a one-to-one rate. Earlier in September, the bank began settling card transactions using its stablecoin on Mastercard’s network, weeks after agreeing to connect its SoFi Exchange Network with Kraken’s infrastructure. These initiatives show a clear trajectory toward embedding digital assets into everyday financial operations rather than keeping them isolated in trading apps.
Infrastructure Over Competition
Polygon Labs does not compete on the stablecoins themselves, according to Boiron, who noted that many competitors do compete on the tokens, creating issues because people want to use different options. Instead, the network focuses on providing the plumbing for banks and fintechs to connect customer accounts to stablecoins and local currencies without stitching together multiple vendors. The Open Money Stack lets a bank or fintech access wallets, banking rails, and stablecoin conversion on a single interface, opening up uses well beyond consumer trading. This approach supports payouts, settlement, and cross-border transfers for businesses that need reliable infrastructure. The negative aspect is that SoFiUSD remains uninsured, meaning users bear the risk if the issuer fails, despite the backing of a regulated national bank.
The expansion lands as stablecoins move beyond crypto trading into the plumbing used to settle card payments and send money across borders. SoFi launched the token in December 2025 as settlement plumbing for banks, fintechs, and enterprise partners before opening it to members in the app. The firm has been building out a broader digital-money suite, recently launching SoFi Earn, a tokenized deposit that pays 4.40% yield and converts one-to-one into SoFiUSD. For Polygon, the addition deepens a payments business that has become one of the network’s calling cards. The chain recently extended Open Money Stack to Solana, and the company reports that Visa and Mastercard support stablecoin settlement on the network. SoFi’s decision to expand onto Polygon shows a clear preference for networks that prioritize payments infrastructure over speculative trading volumes.
