SoFi Bank has launched its USD stablecoin, SoFiUSD, marking the first issuance of a stablecoin by a US national bank on a public blockchain. SoFiUSD, backed 1:1 by cash reserves, is now available on the Ethereum blockchain, offering near-instantaneous, low-fee settlement services around the clock for banks, fintech companies, and enterprise partners. The bank plans to extend access to SoFi users soon. The stablecoin will facilitate various financial operations, including card network transactions, retail settlements, SoFi Pay cross-border remittances, and point-of-sale payments. SoFi Bank can hold cash reserves in a Federal Reserve account, share profits, and support partners with white-label issuance or direct settlement access. This move aligns with a broader trend of institutions like Klarna, Western Union, and Stripe advancing their stablecoin initiatives this year.