SoFi Shares Rise 7% on Stablecoin Launch to 15M Users

Shares of SoFi (SOFI) increased by 7% on Friday following the company's announcement of a new dollar-backed stablecoin, SoFiUSD, which has been rolled out to 15 million users of its banking app. This move positions SoFi as the first U.S. national bank to offer a stablecoin directly to retail customers on a public blockchain, according to CoinDesk. The stock has risen 15% over the past week, trading at $18.01, although it remains 34% lower since the start of the year.