On November 12, 2026, Polygon announced that SoFiUSD is live on Polygon, adding the network alongside Ethereum and Solana. The bank-issued stablecoin can be bought, sold, held and converted inside the SoFi app, according to the announcement.
SoFi calls the token $SOFID on its product page. SoFi Bank, N.A., a nationally chartered bank regulated by the Office of the Comptroller of the Currency, issues it. Polygon says SoFi has more than 17 million members. That figure counts the app’s members, not stablecoin holders or people transacting on Polygon.
Payment businesses now have another settlement asset on Polygon. Anyone receiving the token into an external wallet also faces the issuer’s redemption restrictions: holding $SOFID gives them no direct right to redeem it with SoFi Bank.
What is live, and what the announcement leaves pending
Polygon says $SOFID joins $USDC, $USDT and $PYUSD in its Open Money Stack. The stack combines wallets, regulated fiat access, compliance tooling, conversion, cross-chain routing and settlement. According to Polygon, payment businesses already settling on its network can use SoFiUSD for settlement without building a new integration.
Members can find SoFiUSD in the SoFi app today, Polygon says, with no separate wallet setup required. Buying, selling, holding and converting are available in the app. Cross-border money movement and conversion into interest-bearing tokenized deposits appear in a separate passage beginning, “More is planned.” The announcement describes those payment flows as future functionality; it does not confirm that they are available now.
SoFi’s own product page already advertises SoFi Earn tokenized deposits with a 4.40% APY. The page also has a forward-looking section about converting the stablecoin into deposits. It describes Earn as available while presenting conversion as planned, without giving a Polygon-specific timetable for those conversions. Defiprime’s earlier coverage of SoFi Earn and its deposit protection concerns the separate deposit product.
The product page’s withdrawal section still names Ethereum and Solana and links to their token addresses. Neither that section nor Polygon’s launch announcement supplies a Polygon contract address. Polygon has documented the launch, but these pages leave readers without the address needed to inspect the token’s supply or administrative permissions independently on the new network.
Direct redemption requires a separate customer relationship
The SoFiUSD terms of use apply to anyone acquiring, holding or transferring the token, including people without a SoFi account. Receiving it creates no bank account, custodial relationship or advisory relationship with the issuer. Under the terms, holding the token on-chain and being an approved SoFi customer are separate statuses.
Only approved customers can issue and redeem tokens, under separate agreements with the bank. Those transactions take place at par, net of applicable disclosed fees. They remain subject to onboarding, identity verification, sanctions screening, minimum amounts and operational requirements. The terms state: “Holding or transferring SOFID does not grant you any direct right to redeem SOFID with the Issuer.” An on-chain transfer passes the token to its recipient without passing along those customer rights.
SoFi also makes no guarantee of secondary-market liquidity. The bank disclaims any obligation to list the token on an exchange, provide market making or support a secondary market. It may suspend, delay or limit issuance and redemption in circumstances permitted by law. A payment recipient who plans to sell through a trading venue needs an exit route at that venue; the issuer’s description of redemption at par covers approved customers.
The eligibility restrictions apply outside the app, too. SoFi’s terms exclude people located in, resident in or subject to the laws of the European Economic Area or the United Kingdom, alongside other restricted jurisdictions. Sanctioned parties and people below the stated age threshold are also excluded. The cross-border uses described by Polygon remain subject to the issuer’s restrictions on who can hold and use the token.
Bank issuance does not make the token an insured deposit
SoFi’s product disclosure says $SOFID is neither a deposit nor FDIC- or SIPC-insured, and can lose value. The terms also exclude pass-through insurance on the reserve assets. An eligible deposit account carries deposit protection; a stablecoin sent to an external blockchain wallet does not.
Holding $SOFID itself pays no interest or yield. The issuer’s terms reserve any rewards for separate arrangements, and holders have no entitlement to the interest generated by reserve assets. The rate advertised for SoFi Earn applies to that tokenized deposit product. It is not a rate paid on a Polygon stablecoin balance.
SoFi targets an aggregate reserve asset value at least equal to the outstanding token supply. Permitted reserves include cash, demand deposits and other highly liquid instruments allowed by payment-stablecoin law. The terms allow SoFi to change the reserve composition and custody arrangements. They also warn that claims relating to $SOFID may be treated as general unsecured obligations under applicable banking and insolvency law if the issuer becomes insolvent.
The reserve disclosures report assets as of specified dates and make no promise about future holdings. SoFi’s terms say those reports may value assets at amortized cost, fair market value or another permitted valuation method. Polygon’s launch announcement gives neither a chain-specific reserve allocation nor a circulating-supply figure for the token.
Administrative powers remain part of the holder’s risk
SoFi’s terms authorize administrative controls where the relevant contracts support them. The powers may include pausing transfers, blocking wallets, freezing or burning tokens, and reissuing them. SoFi can exercise these powers without prior notice for legal requirements, sanctions risk, security incidents or other specified operational and risk-management reasons. The terms establish contractual permissions; the controls on the Polygon deployment have not been independently verified.
Blockchain transfers are generally final and irreversible, SoFi warns. The issuer can also add or remove support for networks at its discretion. Network fees, congestion and delays remain outside the bank’s control, leaving holders exposed to blockchain execution risk as well as SoFi’s decisions about which networks it continues to support.
Neither the announcement nor the product page reviewed for this article publishes the Polygon contract address. The issuer’s withdrawal instructions still name only Ethereum and Solana, despite the announcement that the token is available on the new network.
