SoFi Crypto: First US National Bank Launches In-App Trading and Announces Stablecoin Plans
On November 12, SoFi Crypto went live, enabling US retail clients to buy, sell and hold over a dozen digital assets—led by Bitcoin (BTC), Ether (ETH) and Solana (SOL)—directly within the SoFi app. As the first nationally chartered bank in the US to offer in-app crypto trading, SoFi Crypto leverages stricter regulatory oversight to boost customer confidence, with 60% of users preferring a licensed bank over standalone exchanges. The platform’s phased rollout follows SoFi’s June re-entry into fiat-to-crypto conversions after pausing services in 2023 during its bank charter application. Beyond trading, SoFi plans to issue a dollar-backed stablecoin (SoFi USD) and embed blockchain-based assets into its lending and payment products. CEO Anthony Noto views blockchain and crypto as “super cycle technology” on par with AI, warning about liquidity and credit risks in non-bank stablecoins.
Bullish
SoFi’s launch of in-app crypto trading as the first nationally chartered bank marks a significant step toward mainstream adoption. By integrating over a dozen digital assets—including BTC, ETH and SOL—directly into its regulated banking app, SoFi Crypto lowers entry barriers and drives new demand. The planned dollar-backed stablecoin and embedded blockchain features in lending and payments further enhance on- and off-ramps for traders. In the short term, this move is likely to boost trading volumes and liquidity across major tokens. Over the long term, leveraging a bank charter for crypto services may foster sustained institutional interest and broader market stability.