Key facts
- Polygon Labs said SoFiUSD is live on Polygon Open Money Stack, a payments layer with fiat on- and off-ramps, embedded wallets and cross-chain settlement.
- SoFiUSD joins USDC, USDT and PayPal's PYUSD on the stack, which Visa, Mastercard and Stripe use, according to the report.
- SoFi Bank issues the token, which is redeemable one-to-one for U.S. dollars and regulated by the Office of the Comptroller of the Currency.
- SoFiUSD already settles SoFi's entire card program over Mastercard's network, the report said.
- Polygon said the chain has processed more than $3 trillion in lifetime stablecoin transfer volume.
SoFiUSD, the stablecoin issued by SoFi Bank, is now live on Polygon Open Money Stack, Polygon Labs said on November 12, 2026. The stack bundles fiat on- and off-ramps, embedded wallets and cross-chain settlement into a single integration.
The addition puts Polygon alongside Ethereum and Solana, the networks SoFiUSD already runs on. SoFi's more than 17 million members can buy, sell, hold and convert the token on Polygon directly in the SoFi app, without opening a separate crypto wallet or manually bridging assets between chains.
"SoFi is well positioned to bring stablecoins into mainstream finance because it combines the regulatory foundation of a national bank with the reach of a major consumer and enterprise technology platform," said Marc Boiron, CEO of Polygon Labs.
On the stack, SoFiUSD joins USDC, USDT and PayPal's PYUSD, and can connect to the wallets, banking rails and local currencies businesses use for payouts, settlement and cross-border transfers. The token is redeemable one-to-one for U.S. dollars and is issued by SoFi Bank, which is regulated by the Office of the Comptroller of the Currency.
SoFi launched SoFiUSD in 2025 across Ethereum and Solana as the first stablecoin from a U.S. national bank, and it already settles the company's entire card program over Mastercard's network. The firm recently launched SoFi Earn, a tokenized deposit that pays 4.40% yield and converts one-to-one into SoFiUSD.
Polygon recently extended Open Money Stack to Solana, and the chain has processed more than $3 trillion in lifetime stablecoin transfer volume, according to the company. Visa and Mastercard support stablecoin settlement on Polygon, while Stripe uses it to route USDC payments for merchants in more than 150 countries, the report said.