Abandon Ethereum in favor of Solana? SoFi expands its stablecoin portfolio, SoFiUSD targets the payment market

American fintech giant SoFi has announced that it will expand its stablecoin, SoFiUSD, to the Solana blockchain. The firm is attracted to Solana’s low costs and high throughput, and is partnering with Mastercard to promote cross-border payment settlement.·

After officially launching its own stablecoin, “SoFiUSD,” at the end of last year, American well-known fintech giant SoFi has announced that it is expanding its efforts and will begin issuing this token on the Solana blockchain.

Why the choice of Solana? On Tuesday, Ben Reynolds, Head of Corporate Banking at SoFi, said:

We believe Solana is the most suitable public chain for payment scenarios, not only because of its low transaction costs and extremely fast settlement speeds, but more importantly because it has powerful throughput.

SoFi launched the U.S. dollar stablecoin “SoFiUSD” in December 2025. It is issued by SoFi Bank, which holds a U.S. federal banking charter license, and is backed by 100% equivalent reserve assets. SoFi hopes that, through this product, it can turn its bank into a “stablecoin infrastructure provider,” offering stablecoin solutions specifically for traditional banks, fintech companies, and large enterprise platform operators.

SoFi’s entry into the stablecoin space reflects a major trend in traditional finance today: more and more banks and fintech firms are competing to issue dollar-pegged digital tokens. For example, the payments giant PayPal has already moved first by launching its own stablecoin, “PYUSD,” and Bank of America has also said it may follow suit.

At present, the global stablecoin market is still split between Tether (USDT) and Circle (USDC). However, Wall Street analysts generally expect that, with the U.S. passage of the stablecoin regulatory bill, the “GENIUS Act,” last year—along with a wave in which major financial institutions adopt stablecoins and issue their own—over the next 10 years, the overall stablecoin market size is expected to see explosive growth, rising from the current approximately $300 billion to over $1 trillion.

Solana becomes the new favorite of traditional finance, paving the way for cross-border payments

Notably, Solana—characterized by high efficiency—seems to be becoming the “new settlement darling” of traditional giants. Earlier this week, cross-border remittance leader Western Union also announced that it will launch a dedicated stablecoin on Solana, to serve as an always-on settlement asset for its global payments network.

In fact, SoFiUSD was initially deployed on Ethereum, but SoFi has already planned to gradually expand to other blockchains to meet different operational needs. Just last month, SoFi further deepened its partnership with the international card scheme Mastercard, with the goal of making SoFiUSD a settlement currency in the cross-border payments network.

Issuing stablecoins is only one piece of SoFi’s large-scale Web3 blueprint. In November last year, the company had already officially provided cryptocurrency trading services to customers.

• This article is reprinted with permission from: 《Block Guest》
• Original title: 《Spotting the “fast and cheap” advantage! SoFi stablecoin “SoFiUSD” enters Solana》
• Original author: Block Sister MEL