SoFi Extends Its National-Bank Stablecoin SoFiUSD to the Polygon Network

By Coinvote

Published November 13, 2026 - 15:24 UTC | 4 mins read

SoFi Extends Its National-Bank Stablecoin SoFiUSD to the Polygon Network

SoFi's dollar token SoFiUSD is now live on Polygon's Open Money Stack, joining Ethereum and Solana. The step lets the fintech's more than 17 million members use the token in the SoFi app on a third network, and it ties a bank-regulated coin to Polygon's payments tooling.

SoFiUSD adds Polygon as its third network

SoFi has made its dollar stablecoin available on Polygon, giving SoFiUSD a third home after Ethereum and Solana. Polygon Labs announced on Thursday that the token is live on Polygon Open Money Stack, Decrypt reported.

The Block covered the same launch and framed it as an expansion of reach for SoFi's more than 17 million members. Decrypt added that the SoFi app lets members purchase, keep, exchange and sell the token on Polygon. According to the outlet, they do not need to set up a separate crypto wallet or move assets between chains by hand.

What Open Money Stack gives a stablecoin issuer

Decrypt describes Open Money Stack as a single integration point for payments. It covers moving between bank money and tokens, holding funds in embedded wallets and settling across chains. For an issuer, that means one connection can reach several of those functions instead of separate vendors for each.

On the stack, SoFiUSD sits beside USDC, USDT and PayPal's PYUSD, Decrypt reported. Decrypt says it can connect with business tools for payouts, settlement and cross-border transfers, including wallets, bank rails and local-currency options. Polygon recently extended the same stack to Solana, according to the outlet.

Issuing the same token on several networks generally means the issuer keeps one redemption promise across multiple ledgers. The app can then hide the choice of network from the customer. That is the user experience Decrypt says SoFi is aiming for on Polygon.

The figures behind the launch

Most of the numbers come from Decrypt's full report and from Polygon's own statements as relayed by that outlet.

More than 17 million SoFi members are the stated audience, a figure both outlets give.
SoFi Bank, regulated by the Office of the Comptroller of the Currency, issues SoFiUSD, which can be exchanged for U.S. dollars at a one-to-one rate.
SoFi Earn, a tokenized deposit that converts one-to-one into SoFiUSD, pays 4.40% yield, according to Decrypt.
According to the company, stablecoin transfers on Polygon have totaled over $3 trillion across its lifetime.
Decrypt reported that Stripe sends USDC payments for merchants in over 150 countries through Polygon.

How the two outlets' accounts line up

The two outlets agree on the core facts. SoFiUSD is live on Polygon, it joins Ethereum and Solana, and the audience is SoFi's more than 17 million members. Nothing in either account contradicts the other.

The difference is depth. The Block's published summary is short and does not go beyond the launch itself, so it neither confirms nor disputes the product details. Decrypt supplies the Thursday announcement from Polygon Labs, the list of other stablecoins on the stack and the in-app experience for members.

Decrypt also carries a comment from Polygon Labs CEO Marc Boiron. He said SoFi combines "the regulatory foundation of a national bank" with the reach of a large consumer and enterprise technology platform.

Why a bank-issued token on a payments network matters

Decrypt notes that SoFiUSD already settles SoFi's entire card program over Mastercard's network. It also reports that Visa and Mastercard support stablecoin settlement on Polygon. Together, those facts show the token being used for payment flows and not only for trading.

The token's legal status is spelled out in the same report. SoFiUSD is a payment stablecoin and not a bank deposit. Decrypt says the token has no FDIC or SIPC coverage and is neither backed by a bank pledge nor legal tender. Holders should keep that distinction in mind, particularly given the separate SoFi Earn product that converts into the token.

The two networks where SoFiUSD launched hold $39.72 billion of DeFi value on Ethereum and $5.00 billion on Solana, according to DefiLlama. Neither outlet links the Polygon move to DeFi activity, so the figures only show the scale of the chains SoFi started with. Readers who follow listings on those networks can browse new Ethereum tokens and new Solana tokens on Coinvote.

Open questions after the launch

Neither outlet says how much SoFiUSD is in circulation overall or how much will sit on Polygon. Whether SoFi publishes supply by network is worth watching, because it would show where members actually hold the token.

Project teams building payouts or settlement can check which stablecoins and local currency options Open Money Stack supports. They can also check how an app-based flow differs from an on-chain integration of the token.

It also remains to be seen whether other regulated banks follow with their own tokens on the same stack. The reports do not say.

Market snapshot

Asset	Price	24h	7d	Market cap
Ethereum (ETH)	$1,939	-2.9%	-12.7%	$237.10 billion

CoinGecko data as of 2026-11-13 (UTC); DeFi TVL from DefiLlama: Ethereum $39.72 billion, Solana $5.00 billion.

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FAQ

Which networks support SoFiUSD now?

SoFiUSD runs on Ethereum, Solana and now Polygon. Polygon Labs said on Thursday that the token is live on Polygon Open Money Stack, according to Decrypt.

Do SoFi members need a crypto wallet to use SoFiUSD on Polygon?

According to Decrypt, they do not. The SoFi app lets members purchase, keep, exchange and sell the token on Polygon, with no separate wallet and no manual bridging between chains.

Is SoFiUSD a bank deposit?

No. Decrypt reports that it is a payment stablecoin and not a bank deposit. It has no FDIC or SIPC coverage and is neither backed by a bank pledge nor legal tender, although it can be exchanged for U.S. dollars at a one-to-one rate.