Falcon Finance, SoFi unveil stablecoin products tied to banking infrastructure

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Source: Anchorage Anchorage Digital said the stablecoin is being issued through its federally regulated banking platform, which includes AML and KYC requirements tied to US banking rules. The company is the parent of Anchorage Digital Bank, which received a national trust bank charter from the US Office of the Comptroller of the Currency in 2021. Related: Why banks are fighting stablecoins after shaping the rules The launch from Anchorage Digital came as SoFi rolled out its own dollar-backed stablecoin, allowing users to buy, sell and hold the token directly inside its banking app, according to a separate Wednesday announcement. The company said the product is the first stablecoin issued by a US national bank to become available on a consumer banking platform. The stablecoin, SoFiUSD, supports transfers on the Ethereum (ETH) and Solana (SOL) blockchains. SoFi said it plans to expand the product with tokenized deposits, cross-border payments and exchange integrations in the coming weeks. Future updates will allow users to convert the stablecoin into interest-bearing tokenized deposits tied to bank accounts, according to SoFi. The company also plans to list SoFiUSD on crypto exchange Bullish. SoFi said members can access SoFiUSD starting Wednesday, with broader availability expected in early June as users update to the latest version of the company’s app. The stablecoin is redeemable 1:1 for US dollars and backed by liquid assets held by SoFi Bank. The total stablecoin market capitalization has climbed to roughly $322.6 billion, up about 31% from around $246.8 billion at the same time last year, according to data from DeFiLlama. Source: DefiLlama Magazine: Big Questions: Do we really only need 2–5 cryptocurrencies? More on the subject

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