Profile
SOFID profile facts
SoFiUSD (SOFID) static profile: governance model Centralized (CeFi); backing model Real-World Asset Backed; peg US Dollar.
- Collateral
- Deloitte-examined August 31, 2026 reserves were USD cash in SoFi Bank's Federal Reserve master account and a BitGo-established fiduciary account at an unnamed commercial bank; holders receive no reserve interest
- Peg mechanism
- Approved SoFi customers can mint and redeem at USD par under separate agreements, including institutional access through BitGo; holder transfers alone convey no direct issuer redemption right, and fees, processing requirements and suspension conditions apply
- Jurisdiction
- United States / OCC (national bank charter)
- Proof of reserves
- Independent Attestation by Deloitte & Touche LLP Reserve source
Source: Pharos registry profile fields. Live price, supply, reserve, liquidity, event, and safety data load in the interactive dossier on this page.
SOFID quick answers
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What is SoFiUSD (SOFID)?
SoFi Bank's dollar token has cash at the Federal Reserve and a BitGo fiduciary bank account; direct issuer redemption is limited to approved customers. The static profile records its US Dollar peg mechanism as: Approved SoFi customers can mint and redeem at USD par under separate agreements, including institutional access through BitGo; holder transfers alone convey no direct issuer redemption right, and fees, processing requirements and suspension conditions apply.
Is SOFID safe?
As of Nov 8, 2026, Pharos grades SOFID C+ (64/100) on its Safety Score. Pharos's reviews record that the issuer or an admin can freeze individual holders' balances, and direct redemption is limited to customers the issuer has verified. That is a middle-band grade: it meets baseline expectations but carries meaningful weaknesses. The grade moves as reserve, redemption, peg and control evidence changes; the live Safety Score on this page shows the current reading.
What backs SOFID?
Pharos records SOFID's reserves as of Aug 31, 2026 as 100% USD cash at Federal Reserve and BitGo fiduciary bank account. Reserve evidence: Independent Attestation by Deloitte & Touche LLP, latest period ending Aug 31, 2026. Pharos classifies the backing as Real-World Asset Backed.
Can SOFID be frozen or blacklisted?
Based on tracked contract metadata and blacklist coverage, issuer or admin freeze controls are recorded.
How do you redeem SOFID?
Under the route Pharos reviewed on May 12, 2026, customers the issuer has verified can redeem SOFID for a single stable asset, such as cash or a stablecoin. Settlement takes multiple days. The fee is variable or not fully published. Whether a given holder qualifies is set by the route's own terms, not by this summary.
