SoFiUSD, the dollar stablecoin issued by SoFi Bank, is now live on Polygon, making the network the token’s third blockchain after Ethereum and Solana, Polygon Labs said in a press release on Thursday.

SoFi members can buy, sell, hold and convert SoFiUSD on Polygon inside the SoFi app, with no separate crypto wallet and no manual bridging of tokens between networks, according to the release. SoFi reported 17.1 million members at the end of September.

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A Bank-Issued Dollar

SoFi describes SoFiUSD as “the first stablecoin issued by a U.S. national bank.” Its issuer, SoFi Bank, N.A., is overseen by the Office of the Comptroller of the Currency (OCC), the federal regulator of national banks.

SoFi launched the token in December 2025 as settlement plumbing for banks, fintechs and enterprise partners, then opened it to members in the app in May on Ethereum and Solana, saying more networks would follow.

The token can be redeemed one-for-one for U.S. dollars. It is not a bank deposit and carries no insurance from the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC), the release said.

BitGo had prepared for SoFiUSD on Polygon more than three months earlier: on July 31, the crypto custodian merged SoFiUSD token definitions for Polygon and the Tempo and Monad blockchains into its open-source software library.

Polygon’s Payments Push

SoFiUSD plugs into Polygon’s Open Money Stack, a payments layer that, per the release, lets a bank or fintech connect customer accounts to stablecoins and local currencies without stitching together multiple vendors. Polygon Labs set out the framework this year as part of the network’s shift toward payments. According to the release, SoFiUSD joins PayPal USD (PYUSD), Circle’s USDC and Tether’s USDT on the Stack.

“We definitely don’t compete on the stablecoins themselves,” Polygon Labs CEO Marc Boiron in January told Unchained when asked how Polygon would stand out in a crowded stablecoin field. “This is very intentional. Many of those that you named do compete on the stable coins themselves, which creates issues because people do want to use different stable coins. And as we’ve seen, businesses want to create their own stable coins and actually earn the revenue off of those.”

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