SoFi announced it will support direct deposits on the Solana network, enabling about 13.7 million users to transfer SOL from external wallets directly to their SoFi crypto accounts without routing through a third-party exchange. The bank says this integration makes SoFi the first nationwide, chartered bank in the United States to offer crypto trading and custody within a single app. The integration creates a unique Solana deposit address for each user account, enabling on-chain wallet-to-wallet transfers to settle in seconds within a federally regulated banking environment.
Digital assets held at SoFi are not insured by the FDIC, and the bank operates these digital asset services under federal supervision. The rollout is phased, with expansion to additional members over the coming weeks. Regulators are reviewing frameworks for custody and settlement of digital assets, reflecting the evolving regulatory landscape. Solana deposits broaden access for retail customers who do not maintain separate crypto exchange accounts.
Citi and Morgan Stanley announced Bitcoin custody plans last week, but have not yet offered user on-chain deposit functionality. This move comes as U.S. bank regulators continue to review frameworks for custody and settlement of digital assets.
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