SoFi Technologies’ SOFI stablecoin strategy is moving from product launch to real-world payments. During the second quarter of 2026, SoFi began settling its trading business in SoFiUSD, while Big Business Banking began processing transactions on the SoFi Exchange Network. That gives commercial clients the ability to move money in real time, 24/7, within SoFi’s regulated banking environment.
SoFiUSD is backed by cash at the Federal Reserve, giving it zero credit, liquidity or duration risk. The company also describes SoFiUSD as the first stablecoin issued by a nationally chartered bank on a public, permissionless blockchain. Together, those features give SOFI a regulated base as it tried to build faster and lower-cost payment rails.
The strategy becomes more interesting when combined with Big Business Banking. Commercial clients can hold funds in insured business deposit accounts, move fiat and digital assets through API-driven payments and convert between them on one platform. Roughly $300 million of SoFiUSD was already in circulation at the end of the quarter, providing the ecosystem with an initial pool of liquidity.
For SOFI, the key question is whether payments can become a meaningful fee-based business. In second-quarter 2026, fee-based revenues reached $472 million or 39% of adjusted net revenues, up 22% from the prior quarter. Financial Services and Technology Platform revenues together accounted for about $551 million or 46% of adjusted net revenues. Management expects Financial Services and Technology Platform revenues to exceed 50% of total revenues over time.
SoFiUSD could support that shift if activity grows, as the company sees payments, banking infrastructure and technology services as interconnected opportunities. Big Business Banking also expands the enterprise offering SoFi Tech Solutions’, potentially adding fee revenues and net interest income.
How Are Competitors Faring?
PayPal Holdings PYPL is a key SoFi competitor in digital finance, operating PYUSD, its U.S.-dollar stablecoin, across payments, transfers and merchant settlement. In March 2026, PayPal expanded PYUSD access to 70 markets, strengthening its cross-border proposition. Its August merchant-settlement feature also offers eligible merchants 4% annual rewards on PYUSD balances.
Coinbase Global COIN competes with SoFi through crypto trading, payments, custody and stablecoin infrastructure centered on USDC. Recent deals include MassPay’s June 2026 integration for global USDC payouts and Marex’s July 2026 adoption of USDC for regulated derivatives collateral. Coinbase reported that the average USDC held in its products reached a record $20 billion in the second quarter of 2026.
SOFI’s Price Performance, Valuation, and Estimates
Shares of SOFI have gained 15.2% in the past three months, outperforming the broader industry while underperforming the S&P 500 Index.
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From a valuation standpoint, SOFI trades at a forward price-to-earnings ratio of 24.63X, well above the industry’s 16.98X. It carries a Value Score of F.
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SOFI’s estimate revisions reflect a favorable trend for full-year 2026. The Zacks Consensus Estimate for full-year 2026 EPS gained a cent to 60 cents over the past month.
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SOFI stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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SoFi Technologies, Inc. (SOFI): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).