BitGo Bank & Trust, a U.S.-based digital asset trust bank, has been selected to provide stablecoin infrastructure services and support distribution for SoFiUSD, a U.S. dollar-pegged stablecoin issued by SoFi Bank. BitGo Bank & Trust, a subsidiary of BitGo Holdings, said it would collaborate with select payments providers, market participants, and exchanges to help expand institutional access to and integration of SoFiUSD across the digital asset ecosystem. SoFi Bank described SoFiUSD as fully reserved and redeemable one-to-one for U.S. dollars, noting it is the first stablecoin offered by a U.S. nationally chartered and insured deposit bank on a public, permissionless blockchain. BitGo CEO Mike Belshe said the Stablecoin-as-a-Service offering was designed for forward-thinking institutions that require cutting-edge technology paired with BitGo’s longstanding foundation of trust.
“SoFiUSD represents the convergence of compliant banking and blockchain efficiency. We are proud to provide the infrastructure that enables SoFi to issue a stablecoin that’s safe, reliable, and ready to scale,” he added. BitGo also noted that SoFiUSD is designed to meet rigorous technical and regulatory standards to facilitate faster settlements, around-the-clock liquidity, and a reliable bridge between traditional banking and digital assets. Key features will include attestations provided by third-party auditors, purpose-built infrastructure to handle large-scale assets, and battle-tested smart contracts and custody with robust access controls and compliance features for minting, burning, and transactions. BitGo reiterated that both itself and SoFi are OCC-regulated institutions, “creating an aligned relationship focused on regulatory compliance within each institution.”
The OCC—regulating U.S. national banks and federal savings associations—mandates capital and liquidity standards, risk-management controls, and consumer protections, as well as conducting regular examinations and enforcing Bank Secrecy Act/anti-money laundering compliance. On the same day, SoFi revealed that it will partner with Mastercard to make SoFiUSD available as a settlement option across Mastercard’s global payments network, with plans to explore how issuers and acquirers could settle card-based transactions using SoFiUSD. “By working with SoFi to enable SoFiUSD across the Mastercard network, we’re expanding how trusted digital currencies can be used at global scale,” said Sherri Haymond, Mastercard’s global head of digital commerce.
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