CoinVoice has recently learned that, according to The Block, SoFi Bank has launched the US dollar stablecoin SoFiUSD (1:1 cash reserve), claiming to be the first national bank in the United States to issue a stablecoin on a public blockchain. SoFiUSD is now live on Ethereum, providing near-instant, low-cost settlement for banks, fintechs, and corporate partners 24/7, and plans to open up to SoFi users. SoFi states that cash reserves can be held in Federal Reserve accounts, sharing profits, and supports partner white-label issuance or direct access to settlement and payment processes. This stablecoin will also be used for card networks, retail settlements, SoFi Pay cross-border remittances, and POS payments. Multiple institutions are advancing stablecoins this year, including KlarnaUSD, Western Union's USDPT, and Stripe's USDB. [Original link]

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