SoFi's Bank-Issued SoFiUSD Stablecoin Goes Live on Polygon

SoFi has begun offering SoFiUSD on Polygon, extending the reach of the stablecoin beyond the chains where it was already available. The token is described as the first stablecoin issued by a U.S. national bank, a distinction that places it among a small group of dollar-pegged tokens backed by a regulated lender.

The deployment runs through Polygon's Open Money Stack, a set of payment infrastructure tools the network has been developing for businesses and financial institutions. With the Polygon launch, SoFiUSD is now live on three blockchains, Ethereum, Solana and Polygon, giving users more options for moving the token across ecosystems.

Market context for POL

Polygon's native token, POL (formerly MATIC), traded at about $0.084 at the time of the data, down 5.53% over the previous 24 hours and 13.39% over the past seven days. Trading volume over the last day was roughly $11.9 million.

The price movement concerns the network's token rather than SoFiUSD itself, and the figures reflect general market conditions rather than any direct effect of the stablecoin launch.