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SoFi Bank just made history. The nationally chartered US bank has launched crypto trading for its customers, becoming the first of its kind to do so. The move follows the Office of the Comptroller of the Currency’s updated rules that allow banks to engage directly with digital assets.
The service began this week and will roll out gradually. SoFi users can buy, sell, and hold dozens of cryptocurrencies — including Bitcoin and Ethereum — all from within their bank accounts. CEO Anthony Noto said the goal is to give customers access to the growing crypto economy without leaving traditional banking.
Noto explained that SoFi had been restricted from offering crypto after obtaining its bank charter in 2023, but the regulatory landscape has shifted. “We filled that gap,” he said. “Crypto is now part of our full-service offering.”
Looking ahead, SoFi is developing its own stablecoin, SoFi USD, which will be backed one-to-one by dollar reserves. Noto believes blockchain is a “super cycle technology” comparable to AI, capable of reshaping finance globally. He also warned that only banks can safely issue stablecoins due to reserve risks.
(Stablecoin: a cryptocurrency pegged to a stable asset like the US dollar.)
