BitGo Bank & Trust, an OCC-regulated digital asset trust bank and subsidiary of BitGo Holdings, has been selected to provide stablecoin infrastructure services and support the issuance and distribution of SoFiUSD, a U.S. dollar-pegged stablecoin issued by SoFi Bank, N.A. SoFiUSD is the first stablecoin issued by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain. Through its Stablecoin-as-a-Service platform, BitGo will supply the technology and operations underpinning SoFi Bank’s issuance of SoFiUSD.
BitGo will collaborate with select payments providers, market participants, and exchanges to expand institutional access and integration of SoFiUSD across the digital asset ecosystem. “Our Stablecoin-as-a-Service offering was designed for forward-thinking institutions that require cutting-edge technology paired with BitGo’s longstanding foundation of trust,” said Mike Belshe, CEO and Co-founder of BitGo. “SoFiUSD represents the convergence of compliant banking and blockchain efficiency, and we are proud to provide the infrastructure that enables SoFi to issue a stablecoin that’s safe, reliable, and ready to scale.”
As a 1:1 USD-backed stablecoin issued by an OCC-regulated bank on a public blockchain, SoFiUSD is designed to meet rigorous technical and regulatory standards to facilitate faster settlements and around-the-clock liquidity, forming a reliable bridge between traditional banking and digital assets. SoFiUSD is issued 1:1 to the U.S. dollar, with attestations provided by third-party auditors to ensure transparency, and both SoFi Bank, N.A. and BitGo Bank & Trust are OCC-regulated institutions reinforcing regulatory compliance. BitGo’s infrastructure is designed to handle large-scale assets, making SoFiUSD a scalable building block for banks, fintechs, and enterprises, with secure minting, burning and transactions aided by battle-tested smart contracts and custody features.
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