BitGo to Provide Infrastructure and Distribution for SoFiUSD Stablecoin

BitGo Bank & Trust, a federally chartered U.S. national trust bank operating under BitGo Holdings, announced a partnership with SoFi Bank, N.A., the issuer of the dollar-pegged stablecoin SoFiUSD, to support the launch and distribution of the asset.

In particular, BitGo will provide the technological and operational infrastructure required to support the issuance of the asset. The solution will be implemented using BitGo’s Stablecoin-as-a-Service platform, which includes smart contracts, custodial solutions with multi-layer access controls, and compliance mechanisms for token minting and redemption operations. BitGo will also collaborate with payment providers, trading platforms, and other market participants to expand the integration of SoFiUSD into the digital financial infrastructure.

According to Mike Belshe, CEO and Co-Founder of BitGo, the company operates large-scale digital asset transaction infrastructure, which will enable the use of SoFiUSD for settlements with 24/7 liquidity and accelerated clearing. Simon Griffin, Business Lead for Crypto Distribution at SoFi, noted that the project is aimed at banks, FinTech companies, and corporate clients interested in integrating blockchain solutions into traditional financial processes.

Recently, SoFi Technologies also announced a partnership with Mastercard under which the SoFiUSD stablecoin will be used for settlements across the global network. It was also reported that BitGo was selected as the issuer and primary custodian of the dollar-pegged stablecoin FYUSD by New Frontier Labs, targeting institutional clients in Asia.