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TechFlow, Dec 18 — According to The Block, SoFi Technologies has announced the launch of its stablecoin, SoFiUSD.
Issued by SoFi Bank, SoFiUSD is fully collateralized by 1:1 cash reserves in U.S. dollars and initially deployed on Ethereum. The stablecoin aims to provide banks, fintech companies, and enterprise platforms with a 24/7 near-instant settlement infrastructure, with transaction costs of just fractions of a cent.
According to The Block, SoFi Technologies has announced the launch of its stablecoin, SoFiUSD. Issued by SoFi Bank, SoFiUSD is fully backed by 1:1 cash reserves in U.S. dollars and will initially be deployed on Ethereum. The stablecoin aims to provide banks, fintech companies, and enterprise platforms with a 24/7 near-instant settlement infrastructure, with transaction costs of just fractions of a cent.
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