SoFi: How are US Banks Responding to the Crypto Wave?

SoFi Technologies has launched SoFi Crypto, positioning itself as the first nationally chartered bank in the US to offer consumers the ability to buy, sell and hold cryptocurrencies alongside traditional banking services.

The San Francisco-based fintech enables members to trade dozens of digital currencies including Bitcoin, Ethereum and Solana through a single integrated platform.

The phased rollout began this week and will expand to additional members over the coming weeks.

Consolidating financial services

The launch allows SoFi members to purchase crypto assets directly from their FDIC-insured checking or savings accounts without transferring funds to separate platforms.

This integration eliminates the friction typically associated with moving between traditional banking and cryptocurrency exchanges.

"Today marks a pivotal moment when banking meets crypto in one app, on a trusted platform and driven by our core mission to help our members get their money right," comments Anthony Noto, CEO of SoFi.

Anthony emphasised the transformative potential of blockchain technology across financial services.

"I believe blockchain technology will fundamentally change EVERY way finance is done throughout the world by making money movement faster, cheaper and safer, while opening new ways for people to borrow better, invest better, spend and save better," he says.

Building on blockchain infrastructure

The move follows SoFi's August partnership with blockchain platform Lightspark to enable crypto-powered international remittances with reduced fees and faster settlement times.

The company plans to leverage blockchain technology across its ecosystem, including the introduction of a USD stablecoin and integration of crypto into lending and infrastructure services.

SoFi has positioned the launch as addressing consumer demand for regulated crypto access, citing internal data showing 60% of its members who own cryptocurrency would prefer to manage their holdings through a licensed bank rather than standalone exchanges.

Regulatory positioning

SoFi received its national bank charter in early 2022 through the acquisition of Golden Pacific Bancorp, allowing it to operate as a bank holding company.

The company had previously offered cryptocurrency trading but discontinued the service in late 2023 as a condition of receiving its banking licence during a period of heightened federal scrutiny of digital assets.

The relaunch follows new guidance from the Office of the Comptroller of the Currency under the current administration.

SoFi operates with 75 regulatory licences and emphasises bank-grade security, compliance standards and oversight by federal bank regulators as differentiators from standalone cryptocurrency exchanges.

The company's crypto offering includes in-app education and step-by-step guidance to address barriers to entry for consumers unfamiliar with digital assets.

Members can join a waitlist for priority access, with the company offering a promotional opportunity to receive one Bitcoin through qualifying account activities by January 2026.

Stablecoin growth accelerates

The launch arrives during a period of rapid expansion in digital asset adoption, particularly in the stablecoin sector.

Boston Consulting Group reports the stablecoin market reached nearly US$270bn in August 2025, with business-to-business payments seeing a thirty-fold increase over two years.

US brokerage firm Bernstein forecasts stablecoin market capitalisation will expand 2.5 times through 2025, driven by cross-border transactions and institutional adoption.

The regulatory environment for digital assets has shifted significantly following changes in US policy, with the GENIUS Act providing clearer frameworks for stablecoin issuers and cryptocurrency services.