SoFi Technologies, Inc.

The profile

SoFi Technologies describes itself as "the everything app for digital financial services on a mission to help people achieve financial independence to realize their ambitions", and states that 15.8 million members use it to "borrow, save, spend, invest, and protect their money". Its banking subsidiary, SoFi Bank, N.A., is described in its own announcements as "an OCC-regulated, nationally chartered bank", and sofi.com/banking carries the line "SoFi Bank, N.A., Member FDIC" together with the statement that the bank "does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership". Alongside the consumer business it runs SoFi Tech Solutions, a platform the company says serves 134 million global accounts, which is the part of the group that puts it on the infrastructure side of other institutions' products as well as its own. What places it on this beat is the charter rather than the app. SoFiUSD is issued by the bank itself rather than by a separate issuing entity, which the company calls the first stablecoin issued by a nationally chartered bank, and it is described as "fully redeemable 1:1 for U.S. dollars and supported by reserves consisting primarily of cash". That structure puts a token inside a regulated depository rather than beside one, and it makes the same institution the issuer of the money, the holder of the reserves and the bank the merchant is paid into. On 22 September 2026 the company said settlement of its debit and credit card transactions was running in that token across Mastercard's network, on a programme it puts at $25bn of annualised volume.