SoFi Becomes First National Bank to Launch Crypto Trading for U.S. Customers
SoFi Bank, a nationally chartered financial institution, has officially introduced cryptocurrency trading services for its U.S. clientele. This strategic move marks a major milestone, as SoFi becomes the first nationally regulated bank to offer retail crypto trading—a development CEO Anthony Noto describes as a leap toward the future of financial technology.
According to Noto, blockchain and digital assets represent a “super cycle technology,” comparable in significance to artificial intelligence. He emphasizes that cryptocurrencies are not just speculative assets, but part of a broader transformation in how financial systems operate. “We believe that blockchain and crypto will permeate every aspect of finance,” he stated.
The new crypto trading feature is being rolled out gradually. The initial phase began on a Monday, with broader access planned over the coming weeks. The platform will support a wide selection of cryptocurrencies, including major assets like Bitcoin (BTC) and Ethereum (ETH). The phased approach ensures a smooth onboarding process for SoFi’s existing customer base, which now exceeds 12.6 million members.
SoFi previously exited the crypto space in 2023 in order to secure its banking charter, following regulatory pressures that restricted banking institutions’ involvement in digital assets. However, in March 2024, the Office of the Comptroller of the Currency (OCC) loosened its guidelines, allowing banks more freedom to engage in crypto-related services. This shift in regulatory stance enabled SoFi to reenter the market.
In June, the bank reintroduced crypto functionality by enabling cross-border payments that utilized blockchain technology. This included fiat-to-crypto conversions and blockchain-based money transfers, laying the groundwork for its current trading platform.
Beyond trading, SoFi is preparing to launch its own stablecoin, dubbed SoFi USD. This digital asset will be pegged one-to-one with the U.S. dollar and fully backed by reserves. Noto highlighted the potential of stablecoins to revolutionize payments—provided they are managed responsibly, with sufficient liquidity and no exposure to credit or duration risks.
He expressed concern over stablecoins issued by non-banking entities, questioning the safety and transparency of their reserves. “Where are the reserves held? Are they bankruptcy remote? Is there credit or duration risk? These are critical issues,” he noted, stressing that SoFi’s approach will adhere to traditional banking standards to maintain trust.
SoFi’s latest financial report shows net revenue of $962 million in the third quarter and over $41 billion in total assets. The bank’s growing customer base and strong financial performance provide a solid foundation for its expanding crypto initiatives.
A recent internal survey revealed that around 60% of SoFi’s members are interested in cryptocurrency investments. Reflecting this sentiment, Noto disclosed that he personally holds about 3% of his investment portfolio in crypto, primarily in Bitcoin. He views this not merely as an investment in digital currency, but as a stake in the underlying technological infrastructure.
“It’s not about owning currency,” Noto explained. “It’s like having the opportunity in the 1990s to buy a token that represented a share of the internet itself. That’s how transformative these networks can be.”
SoFi’s integration of crypto services is also expected to enhance other areas of its financial offerings. The bank plans to leverage blockchain for faster payments, streamlined lending processes, and improved infrastructure for digital transactions.
The Role of Crypto in Traditional Banking
SoFi’s move symbolizes a broader trend in which traditional financial institutions are increasingly exploring blockchain technologies. As regulatory clarity improves, banks are now more willing to experiment with digital assets, blending the reliability of traditional finance with the innovation of decentralized systems.
By offering crypto trading within a regulated banking environment, SoFi aims to bridge the gap between legacy finance and emerging digital ecosystems. This could create a safer, more accessible entry point for mainstream investors who are still hesitant to use unregulated crypto exchanges.
Stablecoins as Payment Infrastructure
The introduction of SoFi USD also reflects a growing interest in stablecoins as a core component of payment infrastructure. Unlike volatile cryptocurrencies, stablecoins offer price stability while still enabling the fast, low-cost transactions associated with blockchain. If properly regulated and backed by transparent reserves, stablecoins could eventually challenge traditional payment networks like SWIFT or ACH.
Crypto as a Long-Term Asset Class
SoFi’s emphasis on crypto as a long-term technological play rather than a speculative investment may resonate with institutional investors and financially conservative individuals. By framing blockchain as a foundational technology—akin to the internet or AI—SoFi is positioning itself ahead of the curve, betting on the long-term adoption of decentralized systems.
Implications for the Broader Banking Sector
SoFi’s crypto offering could prompt other banks to follow suit. With regulatory barriers easing, more financial institutions may begin integrating digital assets into their portfolios, especially if consumer demand continues to rise. This could lead to broader adoption of crypto-related services, including lending, asset management, and tokenized securities.
Educational Tools and Responsible Onboarding
To ensure customers are well-informed, SoFi is expected to introduce educational tools and risk disclosures as part of its crypto services. This approach aligns with the bank’s goal of promoting long-term, responsible participation in the digital asset economy, rather than encouraging speculative behavior.
The Road Ahead
As blockchain continues to evolve, SoFi’s crypto strategy could serve as a blueprint for how traditional banks can enter the space thoughtfully and securely. With a focus on compliance, transparency, and consumer education, the bank is aiming to build lasting trust in a sector still recovering from volatility and skepticism.
In summary, SoFi’s launch of crypto trading is not just a feature upgrade—it’s a significant step toward integrating digital assets into the mainstream financial system. By combining traditional banking safeguards with innovative technology, SoFi is helping to redefine what a modern financial institution can offer in the digital age.