Cryptocurrency News & Market Updates

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• SOFID can be sent, held and transferred 24/7 on supported networks, and withdrawn directly to any Solana or Ethereum wallet address.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.