SoFi Technologies generated $134.3 million in second-quarter revenue from cryptocurrency transactions, a 10% increase from the prior quarter, while moving its SoFiUSD stablecoin into commercial payments through its enterprise banking platform. The figures show that crypto trading remains a thin-margin business for the company, but its stablecoin is beginning to serve a more practical role in moving money around the clock for businesses.
Transaction costs reached $133.1 million during the quarter, leaving SoFi with $1.2 million in net revenue from crypto transactions. That compared with roughly $850,000 in the first quarter. The narrow spread between revenue and costs places greater weight on SoFi’s efforts to use digital assets in payments, deposits and banking services rather than relying solely on retail trading activity.
Crypto made up a small share of SoFi’s record $1.2 billion in adjusted net revenue for the quarter. Yet the company has continued to add digital-asset products since relaunching its crypto trading and investing service in late 2025, tying the offering more closely to its banking and financial-services ecosystem.
SofiUSD moves into business payments
SoFi’s Big Business Banking platform began processing transactions over the SoFi Exchange Network during the quarter, allowing commercial clients to move funds 24 hours a day using SoFiUSD. The stablecoin is designed to maintain a one-to-one value with the US dollar, giving businesses a digital settlement asset that can operate beyond conventional bank-transfer hours.
The rollout connects SoFi’s consumer-facing stablecoin product with its enterprise banking operation. Rather than treating SoFiUSD only as a digital asset for members to buy or hold, the company is positioning it as a payment rail for business customers that need faster transfers and potentially continuous settlement.
In May, SoFi made SoFiUSD available through its banking app. Members can buy, sell, hold and convert the stablecoin on the Ethereum and Solana networks. Supporting two public blockchains gives users a choice between Ethereum’s established ecosystem and Solana’s lower-cost, high-throughput network.
The commercial payments launch is a more consequential test of the product than consumer trading volume alone. Business payment flows can be recurrent and operationally embedded, while retail crypto activity often rises and falls with market volatility. SoFi will need to demonstrate that companies see sufficient value in 24/7 transfers to justify integrating a stablecoin into their treasury and payment processes.
Tokenized deposits remain on SoFi’s roadmap
SoFi has also outlined plans involving tokenized deposits backed by FDIC-insured bank deposits, cross-border transfers and an institutional integration connected to Bullish. Tokenized deposits differ from stablecoins in that they represent claims on deposits held at a regulated bank, rather than a separate digital token backed by reserve assets.
If launched as described, tokenized deposits could give SoFi a way to bring bank-held money onto digital ledgers while retaining the deposit relationship inside its regulated banking structure. That approach is drawing attention across traditional finance, where banks are examining whether blockchain-based records can improve settlement, treasury management and payments without moving customer funds outside the banking system.
The proposed cross-border component would target a longstanding friction point in commercial banking. International transfers can involve multiple intermediaries, varying local banking hours and delayed settlement. A stablecoin or tokenized-deposit network could shorten some of those steps, though practical adoption would depend on compliance controls, banking partners and local rules in each jurisdiction.
SoFi’s quarterly results do not establish how much payment volume the SoFi Exchange Network has processed, or whether commercial clients are using SoFiUSD at scale. The early rollout nonetheless gives the company a live product through which it can measure demand from businesses rather than simply signaling an intention to enter the stablecoin market.
Product growth supports SoFi’s broader financial-services strategy
William Blair maintained an Outperform rating on SoFi shares in a Wednesday research note, citing faster product adoption linked to newer offerings and the company’s SoFi Plus membership program. The firm pointed to products per member rising to 1.54, from 1.46 a year earlier.
That metric reflects SoFi’s effort to deepen relationships with customers who may begin with one service, such as checking, lending or brokerage, and later add others. Crypto and stablecoin services fit into that strategy when they encourage members to keep more financial activity within SoFi’s platform.
The company’s crypto revenue figures also illustrate the limits of transaction income as a standalone growth engine. A $134.3 million gross-revenue figure produced only $1.2 million in net revenue after transaction costs. Products that support payments, deposits or customer retention may carry more strategic value than the direct profit reported from each crypto trade.
Notre Dame deal extends SoFi’s consumer marketing
Separately, SoFi announced a multiyear partnership with Notre Dame Athletics that includes a $1.4 million annual fund for student-athlete scholarships, financial education and career development. The agreement also places SoFi branding on Fighting Irish jerseys.
The Athletic reported that the jersey-patch agreement is valued at between $18 million and $20 million annually, placing it among the most expensive sponsorship arrangements in college sports. The partnership gives SoFi a high-profile route to market banking, lending, investing and digital-asset products to a national sports audience.
The sponsorship arrives as SoFi expands its range of financial products, from traditional consumer banking to stablecoin transfers and crypto investing. Its second-quarter results suggest that digital assets are not yet a major contributor to company earnings, but the launch of SoFiUSD-based commercial payments gives the business a clearer role inside SoFi’s larger banking network.
Explore how stablecoins shape modern banking and payments in our guide to why stablecoins matter for real-world finance.
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