How SoFiUSD holds its peg

SoFiUSD is a dollar token issued by SoFi Bank, a US national bank, on Solana and Ethereum. It has no blockchain of its own: tokens are created when dollars reach the bank and destroyed when they leave, and each transfer is only as final as the chain it happens on.

Read how it works

Click a step on the right, or use the arrow keys, to jump to it. Move your mouse to shift the view.

Just minted and burned

    SoFiUSD tokens dollars, into and out of the reserve tokens being burned a chain's ledger flashes as it settles SoFiUSD reserve: US dollar cash
    Supply by chain Reading supplies…
    How this is read

    Each chain's raw on-chain supply, read from a public node every 10 to 30 seconds. SoFi publishes no circulation figure to compare it with, so some of it may be tokens the bank has minted but not yet issued to anyone. Use the arrow keys to read each row.

    SoFiUSD supply on each chain
    ChainSupplyShareRead at
    Minted and burned
    • minted, up
    • burned, down

    Use the left and right arrow keys to read each column. In live mode each column is half an hour, covering the last 20 hours; the half hours before you connected include Ethereum only, and Solana appears as net changes in supply.

    SoFiUSD minted and burned in each recent period
    PeriodMintedBurnedNet
    What just happened (illustrative) 0 SoFiUSD in circulation 0 in reserve 0 minted 0 burned 0 chains shown

      The parts that make this work

      A stablecoin issued by a bank

      SoFiUSD is a token that SoFi Bank, N.A. promises to redeem for one US dollar. SoFi Bank is a national bank regulated by the OCC and insured by the FDIC; SoFiUSD itself is not a deposit and not insured. SoFi launched it on December 18, 2025 as the first stablecoin issued by a US national bank on a public, permissionless blockchain, and started minting in the first quarter of 2026. On-chain its symbol is SOFID.

      The tokens run on BitGo's stablecoin infrastructure: a contract on Ethereum (0x0CB6…092E) and a Token-2022 mint on Solana (APhc…EHfS). SoFi's own pages don't list these addresses; they are the contracts whose on-chain metadata names the token. On September 30, 2026 they held about 237.7 M and 100.1 M tokens.

      Who can mint and redeem

      Only approved SoFi customers deal with the bank directly, at par less any disclosed fee. Businesses do it through SoFi's Big Business Banking, launched on April 2, 2026 with "mint and burn" of SoFiUSD and, SoFi said, Solana alongside other chains. Since May 27, 2026 SoFi's members, nearly 15 million of them, can buy, sell, hold and convert SoFiUSD in the app and withdraw it to Ethereum or Solana wallets. Other holders have no direct right to redeem and rely on those customers and on trading firms; that arbitrage is what holds the price near a dollar.

      SoFi also offers the same set-up to other banks and fintechs, which can issue their own branded stablecoins on SoFi's reserve and rails. On September 22, 2026 SoFi said stablecoin settlement with SoFiUSD had gone live for its debit and credit card program on Mastercard's network.

      What backs each token, and what isn't published

      SoFi says SoFiUSD is fully reserved by cash, held at launch in the bank's account at the Federal Reserve. Its terms allow US dollars in cash or demand deposits and other cash equivalents permitted by law, say the reserve is not rehypothecated, and give holders no interest. SoFi says the reserve is attested regularly by an independent US accounting firm, but it has not published a report, named the firm or given a breakdown.

      SoFiUSD reserve, June 30, 2026
      Held inUS dollars
      US dollars held in cash52.5 M
      SoFiUSD outstanding, June 30, 202652.5 M

      That June figure is from SoFi Technologies' quarterly report to the SEC, which also shows a stablecoin liability of $52,484,000. It is much smaller than the on-chain supply, then and now: about 338 M tokens existed on the two chains on September 30, 2026. The filing doesn't explain the gap. Tokens that exist on-chain but haven't been sold to anyone would account for it, as they do for part of Circle's supply, but SoFi hasn't said so. Live mode shows the June figure as reported and labelled with its date; it does not show how the current supply is backed.

      Source: SoFi Technologies Form 10-Q, quarter ended June 30, 2026; SoFi launch release, December 18, 2025.

      A transfer is only as final as its chain

      SoFi takes no part in an ordinary transfer. On Solana, where most SoFiUSD is, a transfer is confirmed in under a second and final when its slot is finalised, about 13 seconds later. On Ethereum it is final after about two epochs of validator attestations, roughly 13 minutes. The two chains don't know about each other: moving SoFiUSD between them means redeeming on one and minting on the other through SoFi.

      Freezing, and the law

      SoFi's terms let it pause the token, block addresses, freeze tokens, and burn and reissue them. On Solana these powers are built into the mint: it has a freeze authority, a permanent delegate that can move or burn tokens from any account, and a pause switch, currently off.

      The GENIUS Act, the US stablecoin law signed on July 18, 2025, requires one-for-one backing with cash, deposits or short Treasuries and monthly reserve disclosure once it takes effect, by January 18, 2027 at the latest. SoFi's filing says the Act requires it to move SoFiUSD to a separately licensed or regulated entity; it hasn't said when.

      What live mode shows

      Live mode reads the Solana mint's supply every 10 seconds and the Ethereum contract's every 30, straight from public nodes. On Ethereum it also reads every new block's SoFiUSD transfers, which gives the transfer rate and every mint and burn, and on connecting it reads the last 20 hours of mints and burns. On Solana a change in supply between two readings shows as a net mint or burn, with no transaction behind it. SoFiUSD on Ethereum is quiet, sometimes a single transfer a day, so the chart uses half-hour columns and is often empty. That is the real picture.

      What the animation simplifies

      The reserve is drawn as one vault holding the June figure; SoFi hasn't published a current one. Dollars move between accounts inside the bank, not by wire. Each chain is a small ring of wallets, and the particles are a scale model: in live mode one standing dot is about 2.3 M SoFiUSD. Read SoFi's SoFiUSD page for the product details.