SoFi Technologies saw its stock price rise to $16.17 on Wednesday, gaining roughly 20 cents from the previous close, following the introduction of its SoFiUSD stablecoin within its mobile application. The move marks a significant step for the company as it seeks to broaden its financial services beyond traditional lending and deposit products into the rapidly evolving digital payments landscape.
The stablecoin, which is redeemable on a one-for-one basis for U.S. dollars and backed by liquid assets, has already accumulated approximately $100 million in value since its initial launch in December. SoFi is making the token available to its nearly 15 million members, allowing them to buy, sell, hold, and convert the digital asset directly through the app.
CEO Anthony Noto emphasized the company's ambition to combine the speed and flexibility of blockchain technology with the trust and oversight of a regulated bank. He stated that SoFi aims to provide members with a unified platform for managing digital assets, including purchasing, holding, and making payments.
The stablecoin initiative is part of a broader strategy to compete in the payments sector, where stablecoins are increasingly attracting interest from banks, card networks, and cryptocurrency firms. Mastercard has partnered with SoFi to test the settlement of card transactions using SoFiUSD, a collaboration that Mastercard executive Sherri Haymond said could demonstrate that trusted digital currencies can be used on a global scale.
SoFi plans to list SoFiUSD on the Bullish exchange before the end of June, further expanding its reach. The total stablecoin market is currently valued at around $318 billion, according to The Wall Street Journal, highlighting the growing importance of this asset class.
Despite the positive news from the stablecoin launch, SoFi's shares have faced headwinds this year. The company reported first-quarter adjusted net revenue of $1.1 billion, a 41% increase year-over-year, and adjusted EBITDA of $340 million. Loan originations reached a record $12.2 billion. However, SoFi did not update its 2026 revenue forecast, which led to selling pressure following the earnings release. Analyst Andrew Jeffrey of William Blair noted that while the company did not flow through the first-quarter upside into guidance, his team saw only limited downside risk.
CEO Noto attributed recent market movements to shifting expectations around interest rates. He told Investing.com that earlier in the year, the market anticipated two to three rate cuts, but now many are pricing in no cuts at all. This uncertainty has weighed on the stock.
While the stablecoin push may not immediately generate significant revenue, it represents a long-term bet on the convergence of traditional banking and digital currencies. SoFi is also exploring tokenized deposits and 24/7 global transfers as part of its digital asset strategy. For now, the stock is trading more on hopes of expansion in consumer finance than on clear stablecoin earnings, but that narrative is driving the current momentum.
