SoFiUSD reaches Polygon with bank-app access and stablecoin limits
Polygon announces another network for SoFi’s digital dollar; deposit insurance and planned payment features need separate treatment.
Polygon announced on November 12 that SoFiUSD is live on its network alongside Ethereum and Solana. It says SoFi members can buy, sell, hold and convert the stablecoin in the app. The cited membership figure describes SoFi’s customer base, not measured stablecoin adoption.
The announcement separates current access from planned cross-border features and conversion into interest-bearing tokenized deposits. SoFi’s own product disclosure says SOFID, also called SoFiUSD, is a payment stablecoin rather than a deposit and is not insured by FDIC or SIPC.
For payments builders, network expansion creates another potential integration path. It does not establish liquidity, universal customer eligibility or an end-to-end remittance price. Product design should keep the token, any underlying deposit product and the recipient’s cash-out route distinct.