SoFi launches SoFiUSD, the first stablecoin from a US national bank

U.S. fintech platform SoFi (SOFI) has launched SoFiUSD, the first stablecoin to be issued by a U.S. national bank and backed by Federal Reserve cash, CoinDesk reported. The new stablecoin is designed to improve payment efficiency for businesses and financial institutions, offering 24-hour real-time settlement through public blockchains. The company plans to expand stablecoin use cases in mainstream financial markets by providing infrastructure for members of its SoFi Bank.