SoFi, the $33 billion public fintech company turned bank, is making a significant return to the cryptocurrency space. The firm announced plans to launch its own stablecoin, which will be offered to its 12 million members, potentially with a 4% yield. This move is part of a broader strategy to integrate digital assets across its platform.

In addition to the stablecoin, SoFi intends to introduce crypto and fiat banking services for businesses. The company plans to utilize its new stablecoin within its own ecosystem, including for its SoFiPay services. This signals a deep commitment to not just offering crypto products, but also using them to enhance its own financial infrastructure.

SoFi's re-entry into the crypto market comes after it had to suspend its digital asset services in 2023 to secure a banking license. This strategic reversal highlights a growing trend of established financial institutions recognizing the importance of digital assets in the future of finance.