Ethereum Hosts First US National Bank Stablecoin Launch

On May 28, 2026, Ethereum is confirmed as the primary chain for SoFi Bank’s SOFID, the first stablecoin issued by a U.S. nationally chartered bank. The token launched May 27 on both Ethereum and Solana, quickly surpassing a $100 million market cap within its first day. Backed 1:1 by reserves at the Federal Reserve and integrated into SoFi’s app for nearly 15 million users, the launch adds regulated bank liquidity to Ethereum’s DeFi and settlement activity while introducing new competition for existing stablecoin issuers.