U.S. licensed bank SoFi expands stablecoin SoFiUSD to Polygon

According to The Block, the stablecoin SoFiUSD issued by the licensed American bank SoFi has been launched on the Polygon Open Money Stack.

SoFi users can buy, sell, hold, and exchange SoFiUSD on Polygon through the SoFi App without the need for a separate wallet or manual cross-chain transactions. SoFiUSD is issued by SoFi Bank, a national bank regulated by the Office of the Comptroller of the Currency (OCC), and can be redeemed for US dollars at a 1:1 ratio.