SoFi Plans to Roll Out Blockchain Remittances with Stablecoins as it Reenters the Crypto Space

Key Insights:

SoFi is set to introduce international remittances utilizing blockchain and stablecoins.
The fintech will also relaunch its cryptocurrency investing services, including investments in Bitcoin and Ethereum, along with future plans for staking and borrowing against digital assets.
CEO Anthony Noto aims to enhance SoFi’s digital asset offerings amid regulatory changes that benefit crypto services.

Company Announcements:

U.S.-based fintech platform SoFi announced plans on Wednesday to start offering international remittances using blockchain networks and stablecoins. Users will be able to send dollars and selected stablecoins to recipients overseas with the assistance of established blockchain networks for processing transactions at any time, quickly converted into local currencies and deposited into recipients’ accounts, as stated in the press release.

The company believes this approach will be considerably cheaper and faster compared to traditional methods like wire transfers or bank remittances.

Additionally, SoFi will reactivate its cryptocurrency trading services, enabling users to buy, sell, and hold major digital currencies like Bitcoin and Ethereum later this year.

Future offerings could comprise staking, borrowing against cryptocurrency holdings, and providing blockchain technology infrastructure via SoFi’s Galileo platform.

These developments come after CEO Anthony Noto indicated earlier this year intentions to re-enter the cryptocurrency market following the firm’s cessation of digital asset services in 2023 due to previous regulatory environments. The shift is supported by contemporary guidance from the Office of the Comptroller of the Currency, enabling federally chartered banks to offer crypto custody and stablecoin-related services.

Noto emphasized, ‘The future of financial services is being fundamentally transformed through advancements in crypto, digital assets, and blockchain at large. We’re ramping up efforts to provide our members with greater choices and control, whether investing, transferring money internationally, or planning for their future.’