BitGo powers launch of SoFi USD stablecoin on Monad - Cryptonews.net

SoFiUSD, the dollar-pegged token from SoFi Bank, N.A., expanded to the high-throughput Layer 1 blockchain Monad in August 2026, with BitGo providing the underlying infrastructure. This marks the third blockchain for the stablecoin, which initially launched on Ethereum in December 2025 before adding Solana in April 2026.

The expansion was discussed in a recent BitGo podcast featuring Monad co-founder Keone, who shared his background in high-frequency trading and explained the technical advantages of his network for SoFi's stablecoin.

Technical Expansion

SoFiUSD was the first stablecoin issued on a public blockchain by a US nationally chartered, FDIC-insured depository institution. The partnership with BitGo, announced on March 5, 2026, enabled the multi-chain expansion through BitGo's Stablecoin-as-a-Service platform.

Monad was chosen for its high throughput, processing over 10,000 transactions per second using parallel execution technology. This capability supports SoFi's planned use cases including 24/7 settlement, business-to-business payments, and remittances.

User Integration

In May 2026, SoFi opened SoFiUSD access to its nearly 15 million members through its app, allowing them to buy, sell, hold, and convert the stablecoin. By September 2026, card settlement went live through a partnership with Mastercard, aiming to channel over $25 billion in annualized card volume into the ecosystem.

In October 2026, SoFi further expanded its blockchain offerings by introducing a tokenized deposit product, complementing the stablecoin with another blockchain-based banking service.