Abandon Ethereum in favor of Solana? SoFi expands its stablecoin portfolio, SoFiUSD targets the payment market

American fintech giant SoFi announces expansion of its stablecoin SoFiUSD to the Solana blockchain. The company favors Solana’s low costs and high throughput, and collaborates with Mastercard to promote cross-border payment settlements.·

Since officially launching its own stablecoin “SoFiUSD” at the end of last year, the well-known American fintech giant SoFi has announced an expansion, beginning to issue this token on the Solana chain.

Why choose Solana? SoFi’s head of corporate banking, Ben Reynolds, stated on Tuesday:

We believe Solana is the most suitable public chain for payment scenarios, not only because of its low transaction costs and extremely fast settlement speeds, but more importantly, because it has strong throughput.

In December 2025, SoFi launched the US dollar stablecoin “SoFiUSD,” issued by SoFi Bank, which holds a federal banking license in the United States, and is fully backed by equivalent reserves. The company hopes to build its bank into a “stablecoin infrastructure provider,” offering stablecoin solutions tailored for traditional banks, fintech companies, and large enterprise platforms.

SoFi’s move into the stablecoin space echoes a major trend in traditional finance: more and more banks and fintech firms are rushing to issue dollar-pegged digital tokens. For example, payments giant PayPal has already launched its own stablecoin “PYUSD,” and Bank of America has indicated it may follow suit.

Currently, the global stablecoin market is still dominated by Tether (USDT) and Circle (USDC). However, Wall Street analysts are optimistic that, with the passage of the stablecoin regulation bill “GENIUS Act” in the U.S. last year, and the wave of large financial institutions adopting and issuing their own tokens, the overall stablecoin market could see explosive growth in the next decade—from the current approximately $300 billion to over a trillion dollars.

Solana Becomes a New Favorite in Traditional Finance, Connecting Cross-Border Payments

Notably, Solana, known for its high efficiency, seems to be becoming the “new darling” for traditional giants’ settlement needs. Earlier this week, cross-border remittance giant Western Union also announced launching a proprietary stablecoin on Solana, to serve as the settlement asset for its global payment network around the clock.

In fact, SoFiUSD was initially deployed on Ethereum, but SoFi has long planned to gradually expand to other blockchains to meet different operational needs. Just last month, SoFi further deepened its partnership with international card network Mastercard, aiming to make SoFiUSD a settlement currency within the cross-border payment network.

Issuing stablecoins is just one piece of SoFi’s extensive Web3 blueprint. Last November, the company officially began offering cryptocurrency trading services to its customers.

• This article is reprinted with permission from: “Block Guest”
• Original title: “Focusing on the ‘fast and cheap’ advantage! SoFi stablecoin ‘SoFiUSD’ enters Solana”
• Original author: Block Sister MEL