SoFiUSD is now available on Polygon Open Money Stack, extending the bank-issued stablecoin beyond its existing support for Ethereum and Solana. The move gives SoFi another blockchain option for payments and settlement as the company continues to expand its digital asset business.
Polygon Labs said in a statement that SoFi’s more than 17 million members can buy, sell, hold, and convert SoFiUSD on Polygon through the SoFi app. The company said the setup is designed to let customers use the token without needing a separate wallet or manual bridging.
Polygon added to existing network support
The launch places Polygon alongside Ethereum and Solana as supported networks for SoFiUSD. Polygon Labs said the stablecoin is live on Polygon Open Money Stack, widening the infrastructure available for the token as SoFi builds out its crypto-related services.
The expansion adds another route for transfers and settlement using SoFiUSD, a stablecoin issued by SoFi Bank, N.A. According to the statement, the token is redeemable one-to-one for U.S. dollars.
Access through the SoFi app
Polygon Labs said SoFi members can access SoFiUSD on Polygon directly in the SoFi app. The statement said users can buy, sell, hold, and convert the stablecoin there, rather than relying on a separate crypto wallet setup.
According to Polygon Labs, the integration combines wallets, fiat rails, stablecoin conversion, and cross-chain settlement in a single interface. The stated aim is to simplify use of the token across networks and reduce the need for manual bridging.
Positioning in the stablecoin market
On Polygon Open Money Stack, SoFiUSD joins other major stablecoins already present on the network, including Circle’s USDC, Tether’s USDT, and PayPal’s PYUSD. That places SoFi’s token within an ecosystem where established dollar-pegged assets are already used for onchain transfers and settlement.
Marc Boiron, CEO of Polygon Labs, said SoFi is positioned to bring stablecoins into mainstream finance because it combines the regulatory base of a national bank with the reach of a large consumer and enterprise technology platform.
What is confirmed next
What is confirmed for now is the broader network availability of SoFiUSD: Ethereum, Solana, and now Polygon. The latest rollout expands where the token can be used inside SoFi’s existing app experience, while keeping issuance with SoFi Bank, N.A.
Beyond that, the announcement centers on current access and infrastructure rather than additional future launches. The immediate next step is the practical use of SoFiUSD on Polygon by eligible SoFi members through the company’s app and connected payment and settlement features.
Source: www.theblock.co