Users (including banks, fintechs, and enterprises) deposit US dollars with SoFi Bank, N.A. and receive SoFiUSD on a 1:1 basis; reserves are held in the bank's federal account and redemptions are settled directly by the bank.

SoFi is a US digital finance company that issues SoFiUSD, a fully reserved U.S. dollar stablecoin issued by SoFi Bank, N.A. SoFi is the first US national bank to launch a stablecoin on a public, permissionless blockchain, and offers its stablecoin infrastructure to banks, fintechs, and enterprises for settlement and white-label stablecoin issuance.

SoFi Technologies, Inc. (NASDAQ: SOFI) is a US-listed digital finance company whose banking subsidiary, SoFi Bank, N.A., holds a US national bank charter and is the issuer of SoFiUSD.