U.S. Bank-Issued Stablecoin SoFiUSD Launches on Polygon

TechFlow reported that on November 12, according to Polygon's official announcement, SoFiUSD, a USD stablecoin issued by U.S. national bank SoFi Bank, has launched on Polygon, joining the previously supported Ethereum and Solana networks.

Polygon said that more than 17 million SoFi members can buy, sell, hold and redeem SoFiUSD through the SoFi App, with each token redeemable 1:1 for U.S. dollars through SoFi Bank. SoFiUSD has also been integrated into Polygon Open Money Stack for enterprise settlement.

Source: TechFlow