Nationally Chartered Bank SoFi Launches Crypto Trading for U.S. Customers
KEY FACTS: SoFi Technologies has become the first nationally chartered U.S. bank to launch direct cryptocurrency trading, allowing customers to buy, sell, and hold dozens of digital assets including Bitcoin and Ether directly through its mobile app, following regulatory approval from the OCC in March 2025 after a two-year ban imposed during its 2022 charter process. CEO Anthony Noto announced the rollout on CNBC, emphasizing blockchain as a transformative “super cycle” technology akin to the internet, while revealing plans for SoFi USD, a fully reserved, bank-backed stablecoin, and noting that 60% of its 12.6 million members are interested in crypto. The move builds on SoFi’s June 2025 re-entry via international blockchain payments and reflects growing mainstream adoption.
SoFi CEO Anthony Noto speaking to CNBC on Tuesday. Source: YouTube
Nationally Chartered Bank SoFi Launches Crypto Trading for U.S. Customers
SoFi Technologies, the innovative online banking powerhouse, has officially launched cryptocurrency trading services for its U.S. customers. This development positions SoFi as the pioneering nationally chartered bank to offer direct crypto buy, sell, and hold capabilities to consumers, a feat made possible by recent regulatory green lights from federal oversight bodies. As the crypto market continues to mature and attract institutional players, SoFi's entry could herald a new era of accessibility, blending the speed and innovation of blockchain with the reliability of traditional banking.
The announcement came on Tuesday, following a phased rollout that kicked off just a day earlier on Monday. Customers can now access trading in dozens of popular cryptocurrencies, including heavyweights like Bitcoin (BTC) and Ether (ETH). SoFi executives emphasized that this is only the beginning, with broader availability expected to expand in the coming weeks as the platform scales to meet anticipated demand. For millions of everyday Americans already banking with SoFi, this means the ability to diversify portfolios with digital assets right from their mobile app, without needing to juggle multiple platforms or navigate the complexities of unregulated exchanges.
SoFi's CEO, Anthony Noto, a former Goldman Sachs executive whose vision for the bank has long emphasized technological disruption. Speaking on CNBC's Squawk Box Tuesday morning, Noto did not mince words about the regulatory hurdles that had previously sidelined crypto ambitions. In his words:
"One of the holes we’ve had for the last two years was in cryptocurrency, the ability to buy, sell, and hold crypto," ... "We were not allowed to do that as a bank. It was not permissible."
His candid admission underscores a pivotal shift: In March of this year, the Office of the Comptroller of the Currency (OCC), the primary regulator for national banks, relaxed its guidelines on crypto engagement. This easing allowed banks like SoFi to dip their toes back into the digital asset waters, treating blockchain-based services more like standard financial products than exotic novelties.
The company, founded in 2011 as a student loan refinancing startup, has evolved into a full-service digital bank with a national charter granted in 2022. But that charter came at a cost: As part of the approval process amid a post-FTX regulatory crackdown, SoFi was forced to shutter its crypto offerings in 2023. At the time, the banking world was reeling from high-profile collapses and heightened scrutiny from agencies like the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC).
Yet, SoFi never fully abandoned the space. In June, the bank made a tentative return by introducing international payment solutions that enabled fiat-to-crypto conversions and blockchain-based remittances. This move was a clever workaround, allowing users to leverage crypto's efficiency for cross-border transfers without directly trading assets domestically. Now, with the OCC's blessing, SoFi is charging full steam ahead. The trading platform promises a seamless user experience, integrated directly into the SoFi app alongside stocks, ETFs, and traditional banking features. Early adopters have praised the intuitive interface, which includes real-time pricing, educational tools for beginners, and robust security measures like multi-factor authentication and cold storage for assets.
But SoFi's ambitions extend far beyond simple spot trading. The bank is laying the groundwork for a more holistic crypto ecosystem. On the horizon is the launch of SoFi USD, a stablecoin pegged 1:1 to the U.S. dollar and backed by fully reserved assets held in regulated custody. SoFi envisions it as a cornerstone for faster, cheaper payments within its lending and infrastructure services. Imagine borrowing against your crypto holdings for a personal loan or settling invoices in seconds via blockchain rails—all under the SoFi umbrella.
Source: US Senate
Noto's enthusiasm is tempered by pragmatism, particularly when it comes to stablecoins. While he sees them as game-changers for global payments, eliminating intermediaries and slashing fees, he issued stark warnings about risks in the wild west of non-bank issuers. As a chartered bank, SoFi is ready to ensure transparency and FDIC-insured reserves, building trust in an industry still scarred by events like the TerraUSD collapse in 2022.
This cautious optimism resonates with SoFi's massive user base. With over 12.6 million members as of its third-quarter 2025 earnings (up significantly from prior years), the bank reported a robust net revenue of $962 million for the period, alongside a staggering $41 billion in managed assets. A recent internal survey revealed that a whopping 60% of members are keen on crypto investments, a figure that underscores the pent-up demand among millennials and Gen Z users who view digital assets as a natural extension of their tech-savvy lifestyles. Noto himself walks the talk, disclosing that 3% of his personal portfolio is allocated to crypto, predominantly Bitcoin.
Meanwhile, the broader financial landscape is buzzing with similar developments, as traditional finance (TradFi) institutions warm to stablecoin models and blockchain infrastructure. Banks like JPMorgan and BNY Mellon have been experimenting with their own tokenized assets, while regulatory clarity under the incoming administration could accelerate adoption.
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