SoFi Bank, N.A. is a US national bank offering deposit, lending, investment and cryptoasset products through one group platform. On 27 May 2026 the bank announced SoFiUSD, a stablecoin backed by liquid reserve assets and subject to independent attestation.
SoFiUSD is not a bank deposit and is not covered by FDIC. Deposit insurance applies to eligible SoFi bank accounts and to deposits placed through the sweep programme, while the token's resilience depends on reserve assets, redemption terms and the issuer's contractual obligations. This page covers the bank charter, product range, crypto trading, SoFiUSD, fees and limitations.
Key parameters as of August 2026:
| Entity and supervision | SoFi Bank, N.A. — a US national bank supervised by the OCC |
|---|---|
| Charter | OCC conditional approval 18.01.2022, deal closed 02.02.2022 |
| Who it serves | Retail customers resident in the US |
| Deposit insurance | FDIC $250k, stretched to $3m through the SoFi Insured Deposit Program |
| Savings rate | 3.10% APY, six-month boost to 3.80% APY (as of 28.05.2026) |
| Crypto trading fee | 0.90–1.90% depending on monthly volume (fee sheet dated 22.06.2026) |
| SoFiUSD | Issued by the bank itself from 27.05.2026 on Ethereum and Solana; not FDIC-covered |
| Status by date | August 2026: trading, remittances and the stablecoin running normally |
Company and banking charter
SoFi started in 2011 as Social Finance — a project by Mike Cagney and three of his classmates at Stanford Graduate School of Business. The pilot raised $2m from alumni for a hundred students: high-quality borrowers had their education loans refinanced below standard rates, while alumni earned a return on an audience they knew. The company later expanded into personal loans, mortgages, bank accounts and investment products.
Since 2018 the company has been run by Anthony Noto — former CFO of the National Football League, a managing director at Goldman Sachs and ex-COO of Twitter. Under him SoFi went public via SPAC (June 2021) and bought two technology assets: the processing platform Galileo (2020, a deal of ≈$1.2bn) and the core-banking vendor Technisys (2022, ≈$1.1bn in stock).
A key step was obtaining a banking charter. On 18 January 2022 the OCC conditionally approved the creation of SoFi Bank, N.A. through the purchase of Golden Pacific Bancorp; the deal closed on 2 February 2022 — the small Sacramento bank cost ≈$22.3m in cash and delivered the main thing: a national charter.
Scale today, per the second-quarter 2026 report:
| Members | 15.8m (+35% over the year) |
|---|---|
| Products | 24.4m |
| Quarterly revenue | $1.218bn (+43%) |
| Net income | $156.6m |
| Deposits | $45.5bn (+$5.3bn over the quarter) |
| Full-year guidance | adjusted revenue $4.75–4.85bn, adjusted profit ≈$825m |
Market capitalization as of August 2026 is ≈$23bn.
Products and pricing
The core is SoFi Checking & Savings, with no account or maintenance fees: as of 28.05.2026 savings earn 3.10% APY with a qualifying direct deposit or $5k or more of monthly deposits, and new customers get a six-month boost to 3.80% APY. Insurance coverage is stretched to $3m through the SoFi Insured Deposit Program (a network of partner banks layered on top of the basic $250k of FDIC cover); setting up direct deposit pays a welcome bonus of up to $400.
Lending remains the principal source of earning assets and interest income: $14.8bn of loans were originated in the second quarter of 2026 — $10.7bn of personal loans, a record $2.7bn of student loans and $1.4bn of mortgages. Alongside sit a credit card and SoFi Invest: commission-free stocks and ETFs, access to IPOs at the offering price and alts funds of the Fundrise, CAZ Investments and AngelList variety at retail ticket sizes.
Cryptoasset products were introduced in stages. Since 11 November 2025 the app has supported trading in BTC, ETH, SOL and dozens of other coins — the first and only such case among national banks; a purchase is funded directly from an FDIC-insured account. The fee schedule (fee sheet dated 22.06.2026) is tied to monthly volume:
| Monthly volume | Fee |
|---|---|
| under $1k | 1.90% |
| under $5k | 1.50% |
| under $10k | 1.25% |
| over $10k | 0.90% |
Slippage of up to 0.10% against the execution price is permitted, and incoming on-chain transfers are free.
International transfers moved onto blockchain rails through a partnership with Lightspark announced on 19.08.2025: dollars are converted into BTC, routed over the Lightning Network using UMA technology and paid out to the recipient in local currency. The first corridor is Mexico; the rate and the fee are shown before sending, SoFi claims a total cost below the national average for remittances, and the whole thing runs 24/7 from the app.
SoFiUSD adds a separate stablecoin product: the token lives on Ethereum and Solana (further networks are promised), the bank itself is the issuer, and the reserve is liquid assets one for one with regular attestations from an independent CPA. There is no yield on the token; the group moves the interest-bearing part into tokenized deposit accounts at the next stage — those with access to FDIC insurance. For institutions a partnership with the Bullish exchange has been announced, while the corporate Big Business Banking arm already runs settlements through SoFiUSD in the SoFi Exchange Network around the clock.
Competitive landscape
A large retail-digital competitor is Chime: 8.7m active users, $2.1bn of revenue for 2025 and a June 2025 IPO at a valuation of ≈$11bn (by mid-2026 its market capitalisation had declined to approximately $6.5bn). Chime has no charter of its own — accounts are held by partners The Bancorp and Stride Bank, and the company earns mostly on interchange. Unlike Chime, SoFi operates through its own bank balance sheet: lending margin plus fees deliver noticeably more revenue per customer.
Robinhood entered banking in 2025: Gold subscribers were promised 4% APY at launch (by 2026 the rate had slid to 3.50%) and even cash delivery by courier — again on top of a partner bank. Ally, the largest of the digital banks with a charter of its own, stays out of crypto on principle. The combination of a national charter, crypto trading and in-house issuance remains, as of August 2026, a position unique to SoFi.
SoFi also sells technology infrastructure to other fintech companies — Chime processed cards through Galileo and is now moving to its own ChimeCore processing, having paid ≈$18m to terminate the contract early.
Clients, protection of funds and limitations
SoFi combines bank accounts, lending, brokerage products and cryptoasset services within one group. OCC supervision and public bank reporting clarify the responsible bank entity, but they do not make every product a bank deposit or extend FDIC to cryptoassets or SoFiUSD.
Before using SoFiUSD, confirm issuance and redemption mechanics, reserve composition, fees, supported networks and transfer restrictions. Crypto trading fees of 0.90–1.90% may exceed dedicated exchange pricing.
Legal and operating structure
The group combines an insured bank with separate technology subsidiaries and crypto infrastructure. Galileo provides card processing and banking APIs, Technisys the cloud core-banking system Cyberbank; together they serve both SoFi Bank itself and the external customers of the Technology Platform B2B segment. The segment's economics have sagged for the moment: $84.5m of revenue in the second quarter of 2026 (−23% year on year because of an anchor client's migration, +13% against the previous quarter) on 134.8m enabled accounts; the bet is being shifted toward large banks and non-bank brands.
The bank's 2022 charter came to SoFi with a condition to stay away from cryptoassets, and the company had to wind down the trading it already ran. The reversal came on 7 March 2025: Interpretive Letter 1183 confirmed the right of national banks to custody and stablecoin operations and removed the requirement for prior supervisory non-objection. The bank then came back first: trading on 11.11.2025, in-house issuance on 27.05.2026 — the sequence of products followed the applicable OCC permissions and supervisory framework.
The issuer is SoFi Bank, N.A. itself, with no external trust such as Paxos. Reserves are liquid assets held one for one on the bank's balance sheet, verification comes through regular independent attestations, and sanctions screening and disclaimers are built into bank compliance. The framework was set by the GENIUS Act, signed in the summer of 2025: legal commentaries call SoFiUSD the first test of the pairing of issuance inside a national bank with a retail platform — Other banks would require their own analysis of charter authority, reserves, distribution and customer-protection requirements.
Regulation and status
Timeline:
- 18.01.2022 — OCC conditional approval for SoFi Bank, N.A.
- 02.02.2022 — closing of the Golden Pacific purchase
- 07.03.2025 — IL 1183 removes the crypto barrier
- 11.11.2025 — the first retail crypto trading among national banks (a phased rollout)
- 27.05.2026 — the SoFiUSD announcement on Ethereum and Solana with full availability from the beginning of June 2026
Supervision of both the bank and the issuance sits with the OCC.
Status as of August 2026: trading, remittances and the stablecoin are running normally, and plans have been announced to integrate crypto into lending and infrastructure services. Secondary rulemaking under the GENIUS Act continues, and requirements for bank issuers will be refined further.
Q/A
Is SoFiUSD insured by the FDIC?
The FDIC insures deposits at the bank (SoFi stretches coverage to $3m through a partner-bank program). The insurance does not extend to the token itself: the resilience of SoFiUSD rests on the bank's reserve assets and independent attestations. The promised tokenized deposits are meant to gain access to FDIC insurance — watch how they are structured legally.
How does SoFiUSD differ from the stablecoins of non-bank issuers?
The issuer is a US national bank supervised by the OCC, and the token is backed by reserve assets described in the issuer's disclosures and independent attestations. This clarifies the responsible legal entity but does not eliminate redemption, reserve, technology, sanctions or insolvency risk.
What does crypto trading at SoFi cost?
Per the fee sheet dated 22.06.2026 the commission depends on monthly volume: 1.90% under $1k, 1.50% under $5k, 1.25% under $10k and 0.90% over $10k; slippage of up to 0.10% against the execution price is permitted. Incoming on-chain transfers are accepted free of charge. This is more expensive than dedicated exchanges — the price of a single app and funding straight from the account.
What are Galileo and Technisys inside SoFi?
They make up the Technology Platform B2B segment: Galileo (bought in 2020) processes cards and provides banking APIs, Technisys (2022) supplies the cloud core-banking system Cyberbank. Both SoFi Bank itself and external fintechs run on them; in the second quarter of 2026 the segment brought in $84.5m of revenue on 134.8m enabled accounts.
Who is the product most relevant to?
A US-resident audience: the SoFi retail platform is built for American customers. For everyone else the case is useful as a reference point — the sequence of charter, trading, issuance will become the template for banks that follow into stablecoins.