SoFi Technologies, Inc. has unveiled its innovative SoFiUSD, a groundbreaking, fully reserved U.S. dollar stablecoin that is issued directly by SoFi Bank, N.A. This strategic move establishes SoFi as a key infrastructure provider in the stablecoin market, catering to a diverse range of banks, fintech firms, and enterprise platforms. The introduction of SoFiUSD signifies a major step towards enhancing the efficiency and speed of financial transactions within the digital economy.
As the pioneering national bank to offer widespread access to a stablecoin and its associated infrastructure, SoFi is bringing a new level of regulatory oversight and dependability to companies looking to integrate stablecoin products into their operations. This development is crucial for fostering trust and stability in the burgeoning digital asset space. The SoFiUSD, operating on a public, permissionless blockchain, empowers partners to execute fund transfers around the clock, with settlements occurring almost instantaneously and at a negligible cost. This capability is expected to significantly improve liquidity management and offer more transparent and rapid financial services to users. Furthermore, SoFi plans to make SoFiUSD accessible to all its members in the near future, broadening its utility and reach.
SoFi's stock has demonstrated robust performance throughout the year, with an impressive gain of over 60% year-to-date. This strong showing is primarily attributed to the continued expansion of its digital banking ecosystem, which has successfully attracted a growing number of members through its diverse product offerings. The company's strategic focus on improving profitability via diversified revenue streams has also played a significant role in its market success. Despite a recent public offering of 54.5 million shares at $27.50 each, which aimed to raise approximately $1.5 billion, the company remains focused on strengthening its capital position and funding future growth initiatives. As of September 30, SoFi maintained a healthy financial standing with approximately $3.25 billion in cash and equivalents.
Looking ahead, SoFi has presented an optimistic financial outlook. In its third-quarter report, the company announced revenues of $949.63 million, comfortably exceeding analyst projections of $886.17 million. Adjusted earnings per share reached 11 cents, surpassing the forecast of 8 cents. Building on this momentum, SoFi has revised its full-year 2025 revenue guidance upwards, from $3.38 billion to $3.54 billion, and increased its adjusted earnings forecast from 31 cents to 37 cents per share, both figures exceeding market expectations. This positive guidance underscores the company's confidence in its operational strategies and its ability to continue driving growth and profitability in the competitive financial technology sector.
SoFi's introduction of a bank-issued stablecoin represents a significant innovation within the financial technology landscape, offering a regulated and efficient solution for digital transactions. This move, coupled with strong financial performance and a positive outlook, reinforces SoFi's position as a forward-thinking leader in the digital banking and cryptocurrency sectors. The company's commitment to leveraging blockchain technology for enhanced financial services points towards a future of more integrated and accessible digital finance.