Digital asset infrastructure firm BitGo Bank & Trust has been selected to provide the technical backbone and distribution support for SoFiUSD, SoFi Bank’s US dollar-pegged stablecoin, the companies announced on Thursday.
SoFiUSD is described as the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain.
BitGo is handling the issuance stack through its Stablecoin-as-a-Service platform, which covers the operational infrastructure behind minting, burning, custody and smart contract management. BitGo will also work with payment providers, market participants and exchanges to expand institutional access to the token.
In practice, SoFi Bank, N.A. remains the issuer, while BitGo acts as the operating and distribution layer. That structure lets SoFi launch a bank-issued token without building the full blockchain infrastructure in-house.
A central feature of the arrangement is regulatory alignment. Both SoFi Bank and BitGo Bank & Trust are regulated by the Office of the Comptroller of the Currency (OCC), creating a shared supervisory perimeter. That is an unusual setup in stablecoin markets, where the issuing bank and the infrastructure provider are often subject to different regulators in different jurisdictions.
SoFiUSD is issued 1:1 against the dollar, with third-party auditors providing attestations on reserves. The token is designed for faster settlement, around-the-clock liquidity and always-on fund movement.
“We’re thrilled to expand institutional access to SoFiUSD through BitGo,” said Simon Griffin, Business Lead for Crypto Distribution at SoFi. “This isn’t just a new token; it’s a critical piece of infrastructure that unlocks the next phase of digital finance for thousands of institutions through our partnership.”
The announcement positions SoFiUSD as a settlement currency beyond its own platform. SoFi has separately partnered with Mastercard to explore stablecoin settlement across Mastercard’s global payments network, targeting cross-border remittances and B2B transfers. SoFi’s own technology platform, Galileo, which manages over 128 million global accounts, is also expected to offer SoFiUSD as a settlement option for its issuing bank clients and payment card partners.
BitGo has been active in digital asset infrastructure since 2013. BitGo Bank & Trust is described as the first federally chartered digital asset trust bank owned by a publicly traded company.
