SoFi Expands Bank-Issued SoFiUSD Stablecoin to Polygon's Open Money Stack

SoFi Bank has deployed its bank-issued stablecoin, SoFiUSD, onto Polygon's Open Money Stack payments layer, Polygon Labs announced on Nov. 12 ¹. The expansion adds the Polygon network alongside Ethereum and Solana, allowing SoFi's base of more than 17 million users to transact, hold, and convert the digital dollar directly within the SoFi mobile application without requiring third-party crypto wallets or manual asset bridging ¹.

Issued by SoFi Bank under the regulatory oversight of the Office of the Comptroller of the Currency (OCC), SoFiUSD operates as the first stablecoin issued by a federally chartered US national bank ¹. The token is redeemable one-to-one for US dollars and is classified strictly as a payment stablecoin rather than a bank deposit, meaning it is not insured by the FDIC or SIPC, nor backed by bank guarantees ¹. The instrument already settles SoFi's entire payment card portfolio across Mastercard's network ¹.

Payments Infrastructure and Commercial Rails

The integration links SoFiUSD to a unified commercial stack alongside $USDT, $USDC, and PayPal's $PYUSD, incorporating fiat on- and off-ramps, embedded wallets, and cross-chain settlement modules ¹. This enables corporate users to utilize the bank-issued stablecoin for domestic enterprise payouts, commercial settlement, and cross-border currency transfers ¹.

The rollout follows Polygon's broader efforts to capture enterprise payment flow, including a recent initiative where Polygon Labs deployed Open Money Stack payments tools to Solana ¹. According to Polygon Labs, the network has processed more than $3 trillion in cumulative stablecoin transactions, with commercial integrations currently supported by Visa, Mastercard, and Stripe across more than 150 countries ¹. The integration lands as broader digital asset markets experienced muted action, with $ETH trading at $2,005 at the time of writing.