Big news for the crypto world and traditional banking!
A US national bank (SoFi Bank) has just launched its own stablecoin: SoFiUSD, the first stabilizer issued by a federally licensed national bank on a public blockchain (first Ethereum, then multi-chain).
100% backed by cash held directly in the bank's account with the Federal Reserve (Fed) → no credit or liquidity risk.
Protected by FDIC insurance and subject to full federal banking oversight.
The big question: Can a stabilizer issued by a real bank compete with market giants like USDT and USDC? SoFi's smart strategy:
It's not fighting USDT in the day trading arena (where Tether's massive liquidity is currently unstoppable),
but rather targeting large institutions that fear the risks of stablecoins (the "native crypto"), and providing the infrastructure for banks and companies to issue their own stablecoins (all interchangeable). With the new GENIUS Act encouraging banks to issue stablecoins, if other banks follow suit... we could see a major shift towards "bank-grade" stablecoins. Is this the beginning of a true convergence between traditional finance and crypto?
I think we are on the cusp of a completely new era.
$UFD
