US-based BitGo Bank & Trust, N.A., an OCC-regulated digital asset trust bank and subsidiary of BitGo Holdings, has announced it has been selected to provide stablecoin infrastructure services and support distribution for SoFiUSD, a US dollar-pegged stablecoin issued by SoFi Bank, N.A.
SoFiUSD is described as the first stablecoin issued by a US nationally chartered and insured deposit bank on a public, permissionless blockchain.
Through its Stablecoin-as-a-Service platform, BitGo is providing the technology and operational infrastructure supporting SoFi Bank's issuance of SoFiUSD. BitGo will also collaborate with payments providers, market participants, and exchanges to expand institutional access to and integration of SoFiUSD across the digital asset ecosystem.
Structural and compliance features
SoFiUSD is issued on a 1:1 basis against the US dollar, with reserve attestations provided by third-party auditors to support transparency. Both SoFi Bank, N.A. and BitGo Bank & Trust are regulated by the OCC, a structural alignment both companies describe as central to the compliance framework underpinning the issuance.
BitGo's infrastructure for the token includes smart contracts and custody capabilities with access controls and compliance features designed to support minting, burning, and transaction processing at an institutional scale. The platform is intended to support more efficient settlement, around-the-clock liquidity, and interoperability between traditional banking infrastructure and blockchain rails.
Mike Belshe, CEO and co-founder of BitGo, said the company's Stablecoin-as-a-Service offering was designed for institutions requiring technology paired with a foundation of trust, and that SoFiUSD represents the convergence of compliant banking and blockchain efficiency.
Simon Griffin, Business Lead for Crypto Distribution at SoFi, said the partnership with BitGo is aimed at expanding institutional access to SoFiUSD, describing the token as infrastructure that unlocks the next phase of digital finance for institutions through the partnership.
Market context
The SoFiUSD and BitGo collaboration sits within a broader pattern of OCC-regulated institutions building stablecoin issuance infrastructure. The involvement of two OCC-regulated entities, one as issuer and one as infrastructure provider, reflects an emerging model for regulated stablecoin issuance that seeks to address longstanding institutional concerns around counterparty risk and regulatory oversight. The announcement follows SoFi's recently disclosed partnership with Mastercard to enable SoFiUSD as a settlement option across Mastercard's global payments network, further expanding the token's institutional reach.
