Token Spotlight: What is SoFiUSD (SOFID)?
By KrakenFX
AI summary of the source article
SoFi Bank, N.A. has issued SoFiUSD (SOFID), a stablecoin designed to maintain a 1:1 peg with the US dollar backed by cash and cash equivalents. The token operates on Ethereum and Solana, allows 24/7 transfers, and is listed for trading on Kraken. SOFID is not a bank deposit, does not pay interest, and is not insured by the FDIC or SIPC.