Fintech Company SoFi Reports Record Q1 2026 Net Revenue of $1.1 Billion, Officially Launches SoFiUSD Stablecoin Minting
Fintech company SoFi Technologies released its Q1 2026 financial report, showing adjusted net revenue of $1.1 billion, a 41% year-on-year increase, and a net profit of $167 million, achieving GAAP profitability for the tenth consecutive quarter.
In Q1, SoFi officially launched the minting of its fully-backed dollar stablecoin SoFiUSD and developed settlement capabilities, collaborating with Mastercard and others to support stablecoin settlements in the global payment network.
The company has restarted the SoFi Plus membership program, adding benefits such as cryptocurrency purchase cashback, while advancing the construction of digital asset infrastructure.
Source: Public Information
ABAB AI Insight
SoFi has continued to deepen the integration of finance and technology since obtaining its national bank charter in 2023. Previously, it launched SoFi Crypto trading services, and the Q1 launch of SoFiUSD minting continues its transformation path from consumer finance to stablecoin infrastructure provider. As the first national bank in the U.S. to issue a public blockchain stablecoin, this move directly connects its $40 billion in deposits with the payment network.
On the capital front, SoFi issues SoFiUSD using bank-level reserves (1:1 cash and equivalents, primarily held at the Federal Reserve), achieving 24/7 settlements through the Mastercard global network, and integrating the stablecoin with loans and membership ecosystems. The motivation is to convert deposits and payment flows into low-cost on-chain infrastructure revenue while locking in enterprise and institutional clients during the crypto supercycle, diversifying non-interest income and reducing reliance on traditional loans.
Similar to the institutional paths of Circle USDC collaborating with traditional banks or JPMorgan's JPM Coin, SoFi is currently in the mid-stage of transforming from traditional fintech to a hybrid infrastructure operator of banking and stablecoins, focusing on expanding crypto payment and settlement services on its base of 14 million members.
Essentially, this represents a restructuring of the industry chain: traditional banks issue compliant stablecoins and collaborate with payment networks to shift the clearing and settlement process from centralized systems to public blockchain distributed ledgers. The mechanism relies on full reserves and interoperability with Mastercard to provide regulatory certainty and global accessibility, allowing SoFi to gain payment pricing power and a dominant position in capital flows during the growth period of non-dollar stablecoins.