What to Know About SoFi Technologies Inc (SOFI)'s Stablecoin

SoFi Technologies launched SoFiUSD, a stablecoin available on its banking app for nearly 15 million members. The stablecoin runs on Ethereum and Solana networks, is backed by liquid assets, and is redeemable one-to-one for US dollars. CEO Anthony Noto said the launch lets members access digital assets within the same app used for saving, investing, borrowing, and spending.