TLDR
- SoFi becomes first US bank to offer crypto trading after receiving regulatory approval from OCC in spring 2025
- Platform launches with bitcoin, ethereum, and solana trading for select customers, expanding to 12.6 million users by year-end
- Company plans to issue its own stablecoin and offer crypto-backed loans in 2026
- SoFi shut down previous crypto service two years ago to secure national banking license
- Survey shows 60% of customers prefer trading crypto with licensed bank over standalone platforms
SoFi launched cryptocurrency trading for retail customers on Tuesday. The fintech bank becomes the first US lender to offer digital asset trading following regulatory changes.
The company previously provided crypto trading through its app. SoFi suspended that service two years ago to obtain its national banking license.
Select retail customers can now trade bitcoin, ethereum, and solana. The company will extend access to all 12.6 million customers before 2026.
CEO Anthony Noto called the launch “a pivotal moment when banking meets crypto in one app.” Customers can buy, sell, and hold dozens of cryptocurrencies through the platform.
Regulatory Changes Enable Bank Crypto Services
The Office of the Comptroller of the Currency issued guidance in May 2025 allowing banks to provide crypto custody and execution services. The Federal Deposit Insurance Corporation released similar guidance earlier in the year.
“What gives us confidence is clarity,” Noto said. The OCC guidance permits banks with SoFi’s license to offer crypto and blockchain products.
Banks avoided crypto during the Biden administration due to regulatory uncertainty. The Trump administration reversed that stance during its first year.
President Trump signed a federal framework for stablecoins in July. This legislation allows banks to use these assets for payments and loan collateral.
Charles Schwab, Morgan Stanley, and PNC plan to launch retail crypto trading in coming months. JPMorgan Chase, Citigroup, and Bank of America are exploring stablecoin services.
SoFi’s Expansion Plans
SoFi outlined its crypto roadmap during last month’s third quarter earnings call. The company will issue its own dollar-pegged stablecoin.
The fintech plans to let customers borrow against crypto holdings. SoFi already processes payments to Mexico using bitcoin’s Lightning Network.
The company is integrating crypto into lending and infrastructure services. Institutional access will launch soon, according to Noto.
Noto stated SoFi has “the best license a company can have to offer crypto and blockchain services.” The full-service banking license allows accepting deposits and making loans.
Competition in Crypto Banking Space
Several crypto firms are pursuing national trust bank charters from the OCC. Ripple, BitGo, Circle, and Coinbase await approval for specialized banking licenses.
Anchorage Digital is the only crypto-native firm holding that charter. It does not serve retail customers directly.
The national trust bank charter does not permit deposit-taking or lending. This gives SoFi a competitive edge in offering comprehensive financial services.
SoFi surveyed customers about platform preferences. About 60% prefer trading crypto with a licensed bank over dedicated crypto platforms.
Robinhood Markets and Coinbase Global also pursue one-stop shop financial service models. Both are non-bank companies with established crypto trading platforms.
SoFi is entering the crypto trading space later than some fintechs. The company positions its banking license as a key differentiator.
SoFi raised its annual profit forecast earlier this month after record third-quarter results. The platform offers trading for major cryptocurrencies including the world’s largest tokens by market value.
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