Cryptocurrency News & Market Updates
Token Spotlight: What is SoFiUSD (SOFID)?
Key takeaways
- SoFiUSD (SOFID) is a stablecoin, a crypto asset designed to hold a steady value of about one US dollar rather than move up and down in price.
- It is issued by SoFi Bank, N.A., a nationally chartered US bank regulated by the Office of the Comptroller of the Currency. Every SOFID is intended to be redeemable 1:1 for US dollars, with reserves held in high quality, highly liquid cash or cash equivalents.
- SoFi publishes monthly attestation reports covering the assets supporting outstanding SOFID.
- SOFID can be sent, held and transferred 24/7 on supported networks, and withdrawn directly to any Solana or Ethereum wallet address.
- SOFID is not a deposit, is not insured by the FDIC or SIPC, and is not legal tender. It does not pay interest or yield.
- SOFID is trading on Kraken.
What is SoFiUSD?
Most crypto assets move in price. Stablecoins are built to do the opposite. A stablecoin is a token designed to hold a steady value against a reference currency, in this case the US dollar, so it can be used to pay, hold and settle without the value shifting underneath you.
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