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BitGo Bank & Trust Selected to Power SoFiUSD Stablecoin Infrastructure and Institutional Distribution

BitGo announced its subsidiary BitGo Bank & Trust has been appointed to provide stablecoin infrastructure and institutional distribution support for SoFiUSD, a USD-backed stablecoin issued by SoFi Bank, Businesswire reports. SoFiUSD is the first U.S. dollar stablecoin from a U.S. nationally chartered, FDIC-insured deposit bank to operate on an open, permissionless blockchain. BitGo will deliver technical and operational infrastructure, institutional access, and related applications through its "Stablecoin as a Service" platform.
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