SoFi said Thursday it is launching a new business banking platform designed to let businesses handle both traditional money and crypto in one place as it pushes deeper into digital assets.
The service, called SoFi Big Business Banking, allows businesses to hold US dollars, convert them to stablecoins and move money around the clock, all within SoFi’s regulated bank.
Today, companies operating in crypto often rely on a patchwork of providers: one bank for cash, a separate company for stablecoins, and another for custody. It can take hours or days to move money between them. SoFi said it’s 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 with SoFi, convert them into a digital token like SoFiUSD, and deploy that capital instantly in the markets without waiting for the wire transfers to clear. Funds can also move back into dollars just as quickly.
The platform includes major 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 custody of assets, are expected to use the system to move money and settle transactions more efficiently.
A central part of the offering is SoFiUSD, a stablecoin that can be created and redeemed inside the bank. Unlike many stablecoins issued outside the US banking system, SoFi’s version is tied directly to a regulated balance sheet with reserves internally.
The platform will also use blockchain networks, including Solana (SOL), to process transactions.
The launch reflects a broader shift in funding 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 more middlemen and make it easier for large companies to move money globally.
