SoFi Bank has launched SoFiUSD (SOFID), its stablecoin, directly within the SoFi app, making it available to nearly 15 million members. The token, first announced in December, is now live on Ethereum and Solana, with additional networks planned.
The headline feature is the ability for SoFi members to convert between the stablecoin and tokenized deposits. When held on the SoFi platform, the digital asset functions as a tokenized deposit, earning interest and carrying FDIC insurance. Off platform, it’s a stablecoin with neither. SoFi is also listing SOFID on centralized exchange Bullish for institutional trading.
It’s a slick proposition. But dig into the newly published terms of use and risk disclosure, and the legal underpinnings tell a more complicated story.
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