Anchorage Digital Issues fUSD as SoFi Enters Stablecoins

Anchorage Digital, the first federally chartered crypto bank in the U.S., has announced the issuance of fUSD, a dollar-backed stablecoin created in collaboration with Falcon Finance. Simultaneously, SoFi has introduced its own stablecoin, SoFiUSD, marking a significant expansion of stablecoins into both institutional and retail sectors.

The fUSD stablecoin, also known as the Freedom Dollar, is issued on Anchorage Digital Bank’s federally regulated platform. Backed by short-term U.S. Treasuries, cash, and Treasury-backed repurchase agreements, fUSD targets institutional use cases like trading, collateral management, and treasury workflows. As of May 27, 2026, fUSD is pegged at $1.00, with a market capitalization of $9.9 million and a circulating supply of roughly 9.9 million tokens, according to DeFiLlama.

Unlike yield-bearing stablecoins that have faced regulatory scrutiny, fUSD’s structure adheres to standards outlined in the proposed GENIUS Act, which seeks to establish federal rules for dollar-backed stablecoins. Falcon Finance Chief RWA Officer Artem Tolkachev emphasized that fUSD separates token issuance from reward payments. Rewards for institutional holders are distributed through separate contracts, rather than via the token itself, ensuring compliance with proposed guidelines.

Anchorage Digital, which received its national trust bank charter in 2021, has emerged as a key player in institutional digital asset infrastructure. The company pivoted earlier this month from a leadership role in the USDG alliance to act as a neutral issuer for multiple partners. This move has positioned Anchorage to support a wide array of stablecoin products, including Canada’s CADD stablecoin, for which it began offering regulated custody on May 22, 2026.

SoFi Enters the Stablecoin Market

On the retail front, SoFi has rolled out SoFiUSD, a dollar-pegged stablecoin available on Ethereum and Solana. This stablecoin is integrated directly into SoFi’s consumer banking app, allowing users to buy, sell, and hold the token within the platform. SoFiUSD is redeemable 1:1 for U.S. dollars and backed by liquid assets held by SoFi Bank.

SoFi plans to expand the utility of SoFiUSD with features like tokenized deposits, cross-border payments, and exchange integrations. Future updates will allow users to convert the stablecoin into interest-bearing tokenized deposits tied to bank accounts. The token is expected to list on the crypto exchange Bullish, broadening access for traders.

Retail users can access SoFiUSD immediately, with a full rollout expected by early June. According to SoFi, this is the first stablecoin issued by a U.S. national bank to appear on a consumer-facing platform, reflecting a growing convergence between traditional banking and blockchain technology.

Stablecoin Market Outlook

The stablecoin market has seen remarkable growth, with its total capitalization rising from $246.8 billion a year ago to $322.6 billion as of May 2026—a 31% increase. Anchorage Digital’s fUSD and SoFi’s SoFiUSD are entering a competitive but expanding market, dominated by established players like Tether and Circle’s USDC.

For Anchorage Digital, the launch of fUSD underscores its strategy to cement itself as a cornerstone of regulated digital asset issuance and custody. Meanwhile, SoFi’s entry could accelerate mainstream adoption by offering blockchain-based financial tools to everyday users. Both moves highlight the increasing institutional and retail appetite for stablecoins as a bridge between traditional finance and digital assets.

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