SoFi Partners with BitGo to Power First Bank-Issued Stablecoin Infrastructure
Summary
SoFi Technologies has partnered with digital asset custodian BitGo to provide the core infrastructure for its bank-issued stablecoin, SoFiUSD. This collaboration leverages BitGo's 'stablecoin-as-a-service' platform to support the issuance and connectivity of SoFiUSD with payment providers and crypto exchanges. This development follows SoFi's recent expansion of its partnership with Mastercard for SoFiUSD settlement, indicating a rapid build-out of its stablecoin capabilities. The move is significant as SoFiUSD is touted as the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain, positioning SoFi as a leader in the evolving regulated digital dollar market. This strategic initiative could open new revenue streams and enhance SoFi's competitive edge in the fintech and crypto space, aligning with the broader industry shift towards regulated stablecoins following the GENIUS Act.
At the time of this announcement, SOFI was trading at $19.03 on NASDAQ in the Finance sector, with a market capitalization of approximately $24.3B. The 52-week trading range was $8.60 to $32.73. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Cointelegraph.