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Token Spotlight: What is SoFiUSD (SOFID)?
SoFi Bank, N.A. has launched SoFiUSD (SOFID), a stablecoin issued directly by a nationally chartered US bank and regulated by the OCC. The token is designed to maintain a 1:1 peg with the US dollar, backed by cash and cash equivalents on the Ethereum and Solana blockchains, and is now available for trading on Kraken.
medium impactneutralSOFID
Read the original report at Kraken BlogWhy It Matters
SOFID represents a shift in stablecoin issuance by consolidating the issuer, custodian, and banking oversight within a single federally regulated institution, potentially increasing institutional credibility for on-chain dollar assets.