SoFiUSD goes live on Polygon as bank stablecoin expands payments reach

What happened

SoFiUSD, the dollar token issued by SoFi Bank N.A., is now live on Polygon, according to Decrypt and Unchained, both citing a Thursday announcement from Polygon Labs. The addition makes Polygon the third blockchain for the stablecoin, after Ethereum and Solana. SoFi describes SoFiUSD as the first stablecoin issued by a U.S. national bank; its issuer is regulated by the Office of the Comptroller of the Currency.

On Polygon, the token runs through Open Money Stack, a payments layer that combines fiat entry and exit points, built-in wallets and settlement across chains in one integration. SoFi's 17.1 million members, a figure Unchained reported for the end of September, can buy, sell, hold and convert SoFiUSD on Polygon inside the SoFi app. They do not need a separate crypto wallet or to bridge assets manually between networks.

The token joins USDC, USDT and PayPal's PYUSD on the stack. According to the reports, that setup can link the wallets, banking rails and local currencies that businesses use for payouts, settlement and cross-border transfers. SoFiUSD is redeemable one-for-one for U.S. dollars. It is a payment stablecoin rather than a bank deposit and is not insured by the FDIC or SIPC, guaranteed by a bank or treated as legal tender.

Why it matters

The integration reflects stablecoins' shift from crypto trading into payment plumbing. Card settlement, business payouts and cross-border transfers are areas where tokens can operate alongside conventional banking rails. Putting a bank-issued stablecoin on Polygon's payments stack links a regulated issuer with infrastructure designed to connect accounts, wallets and currencies.

It also fits Polygon's approach of hosting multiple stablecoins rather than issuing one. Polygon Labs CEO Marc Boiron told Unchained in January that the company does not compete on stablecoins themselves and called that stance intentional, noting that users want choices and businesses want to issue their own tokens and capture the associated revenue. For SoFi, Polygon adds reach; for Polygon, SoFiUSD adds a bank-linked asset to a payments business it has been developing.

What the data shows

Polygon says it has processed more than $3 trillion in lifetime stablecoin transfer volume. Visa and Mastercard support stablecoin settlement on Polygon, according to Decrypt, and Stripe uses the network to route USDC payments for merchants in more than 150 countries. SoFiUSD already settles SoFi's entire card program over Mastercard's network, Decrypt reported.

Background

SoFi launched SoFiUSD in December 2025 across Ethereum and Solana as settlement infrastructure for banks, fintechs and enterprise partners, Unchained reported. The company later opened the token to members in its app in May, saying additional networks would follow. SoFi has also expanded its digital-money products; Decrypt reported that SoFi Earn, a tokenized deposit paying 4.40% and convertible one-to-one into SoFiUSD, recently launched.

Preparation for a Polygon version predated the announcement. Unchained reported that crypto custodian BitGo merged SoFiUSD token definitions for Polygon, Tempo and Monad into its open-source software library on July 31, more than three months before the Polygon launch. The reports did not say whether SoFiUSD would also go live on Tempo or Monad. Polygon has recently extended Open Money Stack to Solana.

What to watch

Watch for evidence that the Polygon integration produces usage beyond SoFi's consumer app, including adoption by banks, fintechs or enterprise payment partners. The reports did not disclose fee terms, expected volumes or a timetable for possible deployments on Tempo or Monad. They also did not provide details on how SoFiUSD will be governed or supported on Polygon over time.

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