SoFi said Thursday it is launching a new business banking platform designed to let companies handle both traditional money and crypto in one place, as it pushes deeper into digital assets.
The service, called SoFi Big Business Banking, allows firms to hold U.S. dollars, convert them into stablecoins and move funds around the clock, all within SoFi’s regulated bank.
Today, companies operating in crypto often rely on a patchwork of providers: a bank for cash, a separate firm for stablecoins and another for custody. Moving money between them can take hours or days. SoFi said it is trying to simplify that.
“To be competitive, businesses today must operate… 24 hours a day, 7 days a week,” SoFi CEO Anthony Noto said in a press release, contrasting the platform with traditional banking hours.
Under the new system, a trading firm could deposit dollars at SoFi, convert them into a digital token like SoFiUSD and deploy that capital instantly into markets, without waiting for bank wires to clear. Funds can also move back into dollars just as quickly.
The platform includes large crypto firms as early partners, including Cumberland, Wintermute, Galaxy (GLXY), BitGo (BTGO) and CoinDesk parent company Bullish (BLSH). These companies, which handle trading, liquidity and asset custody, are expected to use the system to move money and settle transactions more efficiently.
A central piece of the offering is SoFiUSD, a stablecoin that can be created and redeemed inside the bank. Unlike many stablecoins issued outside the U.S. banking system, SoFi’s version is tied directly to a regulated balance sheet, with reserves held internally.
The platform will also use blockchain networks, including Solana (SOL), to process transactions.
The launch reflects a broader shift in finance, as banks and crypto firms move closer together.
Instead of operating as separate systems, companies are increasingly trying to merge traditional banking with blockchain-based infrastructure. If successful, SoFi’s approach could reduce the need for multiple intermediaries and make it easier for large firms to move money globally.