SoFi Launches Institutional Crypto and Fiat Banking Platform

SoFi Technologies has launched Big Business Banking, a new platform that allows companies to manage fiat and crypto transactions within a single regulated system. The service, announced on Thursday, enables businesses to hold deposits, move funds, and settle transactions around the clock using either traditional currencies or digital assets, consolidating functions that have typically been split across banks, custodians, and crypto service providers. The platform introduces support for issuing and redeeming SoFiUSD, the company's stablecoin, allowing businesses to convert between fiat and onchain assets while maintaining reserves within a regulated banking environment. The rollout includes participation from companies such as Cumberland, BitGo, Bullish, B2C2, Fireblocks, Wintermute, Jupiter, Galaxy, Mesh Payments, and Mastercard, reflecting early demand from trading, payments, and infrastructure providers. SoFi also stated that the system is expected to connect with blockchain networks, including Solana, to support onchain settlement. This development follows SoFi's broader push into digital assets. In June, the company resumed crypto trading, enabling users to buy, sell, and hold digital assets, and expanded blockchain-based remittance services to more than 30 countries. In December, SoFi launched SoFiUSD, a fully reserved dollar-backed stablecoin issued by its banking subsidiary, redeemable on demand and initially deployed on Ethereum. The expansion of integrated crypto services is part of a growing trend as crypto-native companies build similar infrastructure to integrate digital assets into institutional systems. For instance, in March, BitGo launched a financing platform that enables institutions to borrow and lend against liquid, staked, and locked assets within a single custody account. In January, Fireblocks acquired crypto accounting platform TRES for $130 million, adding tax and compliance capabilities as institutions seek audit-ready reporting for digital asset operations. This week, Ripple added digital asset capabilities to its treasury platform, enabling companies to manage crypto and fiat balances in one system. Beyond expanding services for institutional clients, several platforms are also pursuing U.S. banking licenses. On Wednesday, crypto exchange EDX Markets applied to the Office of the Comptroller of the Currency to establish a national trust bank, aiming to separate custody and settlement from trading through a non-depository entity called EDX Trust. Earlier this month, Zerohash applied for a national trust bank charter to expand its stablecoin and custody services, joining applicants including Coinbase, Laser Digital, and Payoneer as companies seek regulatory approval to offer integrated crypto financial services.