BitGo Selected to Provide Stablecoin Infrastructure and Support Distribution for SoFiUSD
BitGo Bank & Trust, N.A. ("BitGo Bank & Trust"), an OCC-regulated digital asset trust bank and subsidiary of BitGo Holdings, Inc. ("BitGo") (NYSE:BTGO), today announces that they have been selected to provide stablecoin infrastructure services and support distribution for SoFiUSD, a U.S. dollar-pegged stablecoin issued by SoFi Bank, N.A. SoFiUSD is the first stablecoin issued by the U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain.
Through its Stablecoin-as-a-Service platform, BitGo is providing technology and operational infrastructure supporting SoFi Bank's issuance of SoFiUSD. BitGo will also collaborate with select payments providers, market participants, and exchanges, helping expand institutional access and integration of SoFiUSD across the digital asset ecosystem.
"Our Stablecoin-as-a-Service offering was designed for forward-thinking institutions that require cutting-edge technology paired with BitGo's longstanding foundation of trust," said Mike Belshe, CEO and Co-founder of BitGo. "SoFiUSD represents the convergence of compliant banking and blockchain efficiency. We are proud to provide the infrastructure that enables SoFi to issue a stablecoin that's safe, reliable, and ready to scale."
"We're thrilled to expand institutional access to SoFiUSD through BitGo," said Simon Griffin, Business Lead for Crypto Distribution at SoFi. "This isn't just a new token; it's a critical piece of infrastructure that unlocks the next phase of digital finance for thousands of institutions through our partnership."
Bank-Grade Compliance Meets Blockchain Innovation
As the first stablecoin issued by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain, SoFiUSD was designed to meet rigorous technical and regulatory standards to facilitate faster settlements, around-the-clock liquidity, and a reliable bridge between traditional banking and digital assets. Key features of SoFiUSD will include:
- Issued 1:1 to the US Dollar: SoFiUSD is issued 1:1 against the U.S. dollar.
- Transparency: Attestations provided by third-party auditors ensure transparency and trustworthy issuance.
- Regulatory-First Infrastructure: Both SoFi Bank, N.A. and BitGo Bank & Trust are OCC-regulated institutions, creating an aligned relationship focused on regulatory compliance within each institution.
- Global Scalability: BitGo's infrastructure is purpose-built to handle large scale assets, making SoFiUSD an ideal building block for banks, fintechs, and enterprises.
- Institutional-Grade Blockchain Stack: BitGo's battle-tested smart contracts and custody with robust access controls and compliance features lay the solid foundation for secure minting, burning and transactions.
SoFiUSD marks an important step in connecting insured banking with always-on blockchain rails. Together, BitGo and SoFi set a new standard for trust through regulatory alignment, as both BitGo Bank & Trust and SoFi Bank, N.A. are OCC-regulated institutions. The collaboration not only advances technical capabilities, but also offers a level of public transparency and oversight that signals the maturation of stablecoins as part of the global financial system.
About BitGo
BitGo (NYSE:BTGO) is the digital asset infrastructure company delivering custody, wallets, staking, trading, financing, stablecoins, and settlement services from regulated cold storage. Since 2013, BitGo has focused on accelerating the transition of the financial system to a digital asset economy. BitGo maintains a global presence and multiple regulated entities, including BitGo Bank & Trust, National Association, the first federally chartered digital asset trust bank owned by a publicly traded company. Today, BitGo serves thousands of institutions, including many of the industry's top brands, financial institutions, exchanges, and platforms, and millions of investors worldwide. For more information, visit www.bitgo.com.
About SoFi
SoFi Technologies (NASDAQ:SOFI) is a one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. 13.7 million members trust SoFi to borrow, save, spend, invest, and protect their money and buy, sell and hold their crypto – all in one app – and get access to financial planners, exclusive experiences, and a thriving community. Fintechs, financial institutions, and brands use SoFi's technology platform Galileo to build and manage innovative financial solutions across 128 million global accounts. For more information, visit www.sofi.com or download our iOS and Android apps.
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Media Contacts
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SoFi PR
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