BitGo provides stablecoin infrastructure support for SoFiUSD, expanding institutional distribution.

BitGo Bank & Trust has been selected to provide stable cryptocurrency infrastructure and support the distribution of SoFiUSD, the USD stablecoin issued by SoFi Bank.

SoFiUSD is described as the first USD stablecoin issued on a public blockchain by a nationally licensed and insured deposit-taking bank in the US, requiring no authorization.

What does BitGo offer to SoFiUSD?

BitGo will provide the technical and operational infrastructure, and support institutional accessibility and applications for SoFiUSD through its Stablecoin-as-a-Service platform.

According to the announcement, the chosen entity is BitGo Bank & Trust, a subsidiary of BitGo. Its main Vai includes providing stablecoin infrastructure services and supporting the distribution of SoFiUSD issued by SoFi Bank.

The support package includes: technical infrastructure, operational infrastructure, access for organizations, and applications to facilitate the deployment/mining of stablecoins in practice. The information currently does not specify the particular blockchains, issuance volume, backing mechanism, or launch schedule.

Why is SoFiUSD getting attention?

SoFiUSD is presented as the first USD stablecoin issued on a public blockchain by a nationally licensed and insured deposit-taking bank in the US, requiring no authorization.

The key highlight lies in its issuance structure: the issuer is SoFi Bank, and the deployment environment is a public, permissionless blockchain. This has been described as a milestone for USD stablecoins tied to the US banking system.

The announcement also stated that BitGo will provide the infrastructure for SoFiUSD to operate and expand its distribution, targeting institutional needs through a Stablecoin-as-a-Service. The announcement did not provide further technical specifications or detailed implementation terms.