U.S. financial technology firm SoFi Technologies (SOFI) says its cryptocurrency plans now also include stablecoins.
The company said it will introduce international remittances through blockchain and stablecoins and allow users to invest in cryptocurrencies on its platform this year.
The news comes after the company previously said that it plans a new push into digital assets under the administration of U.S. President Donald Trump, and as crypto prices surge higher.
SoFi’s remittance service will allow users to send U.S. dollars and select stablecoins to recipients abroad via established blockchain networks.
Digital transactions can be sent around the clock, converted into local currencies, and deposited into recipients' accounts, according to the company.
Future services could include staking, borrowing against crypto holdings, and providing blockchain technology infrastructure to third parties through SoFi’s Galileo platform.
SoFi has announced plans to re-enter the crypto business in a big way after the firm suspended its digital asset services in 2023 to obtain a banking license from regulators.
The move back into crypto is supported by new guidance from the Office of the Comptroller of the Currency that allows nationally chartered banks to offer crypto and stablecoin services.
“The future of financial services is being completely reinvented through innovations in crypto, digital assets, and blockchain more broadly,” said SoFi in a news release. “We’re accelerating our efforts to give members more choice and more control.”
SOFI stock has gained 14% this year to trade at $16.08 U.S. per share.
