PANews reported on December 18th that, according to The Block , SoFi Bank launched its USD stablecoin, SoFiUSD ( 1:1 cash reserves), becoming the first US national bank to issue a stablecoin on a public blockchain. SoFiUSD is already listed on Ethereum, providing near-instantaneous, low-fee settlement 24/7 for banks, fintech companies, and enterprise partners, and plans to open it to SoFi users as well. SoFi stated that it can hold cash reserves in a Federal Reserve account, share profits, and support partners' white-label issuance or direct access to settlement and payment processes. The stablecoin will also be used for card networks, retail settlements, SoFi Pay cross-border remittances, and POS payments. This year, several institutions have been pushing forward with stablecoins, including KlarnaUSD , Western Union 's USDPT , and Stripe 's USDB .