SoFi Bank's dollar stablecoin, the first issued by a US national bank, has expanded to Polygon Open Money Stack, adding a third network after Ethereum and Solana. The token launched late last year and is redeemable one-to-one for US dollars.

SoFi's more than 17 million members can buy, sell, hold and convert SoFiUSD on Polygon directly in the SoFi app, without a separate crypto wallet or manual bridging. On Open Money Stack it sits alongside USDC, USDT and PayPal's PYUSD, with fiat on- and off-ramps, embedded wallets and cross-chain settlement in one integration.

Polygon says it has processed more than $3 trillion in lifetime stablecoin transfer volume, with Visa, Mastercard and Stripe already using it for settlement.

SoFi Bank is regulated by the OCC, and SoFiUSD already settles the company's entire card program over Mastercard's network. The token is a payment stablecoin, not a bank deposit, and is not FDIC- or SIPC-insured.