Fresh off a strong earnings report, SoFi CEO Anthony Noto appears to be doubling down on cryptocurrency, saying Tuesday the fintech has plans to ramp up hiring, introduce asset-backed borrowing and staking options, and eventually launch a stablecoin.
SoFi beat estimates with its second-quarter earnings, causing the shares to surge on Tuesday. On an earnings call with analysts Noto laid out the bank’s future plans across digital assets, calling crypto a potential “game changer.”
“We see opportunities across our entire platform, including offering stablecoins, providing members the ability to borrow against their crypto assets, expanding payment options, and introducing new staking features as well as blockchain and digital asset infrastructure capabilities for other companies offered by our technology platform,” Noto said.
Last month SoFi Technologies, the largest online lender in the United States, said it would reintroduce spot crypto trading to its platforms and launch a new blockchain-based remittance service after halting services in 2023 due to regulatory constraints. SoFi will allow members to buy, sell, and hold digital tokens like Bitcoin and ETH.
“Crypto is a key area of focus for our management team and when we have brought on board significant expertise, including substantial engineering talent to advance these new initiatives,” Noto said. “We’re hiring significantly in crypto to relaunch buy, sell, and hold by the end of the year.”
Sofi’s advantage in stablecoins
Noto also spoke positively about recent developments in the nation’s capital, principally the passing of the GENIUS Act and what advantages SoFi might possess thanks to its banking license.
“It’s going to take about 12 months to 18 months for all the different regulatory bodies to come out with rulemaking as it relates to the GENIUS Act,” Noto said. “So all those potential competitors in stablecoins, they won’t be able to really apply and get a license approved by the [Office of the Comptroller of the Currency] until the backend of that time period.”
That will play to SoFi’s benefit, according to Noto. “Because we’re already a bank and because the [Office of the Comptroller of the Currency] put out an interpretive letter that allows and is permissible for stablecoins at banks to be launched, we can launch sooner than other people,” he said.
“We want to be very thoughtful about how we launch that product and what how it’s differentiated in the marketplace,” Noto added. “So we’re not going to rush to get there, but we definitely have a head start because we already have the bank license.”
Several other traditional banks, like JPMorgan Chase and Bank of America, have signaled interest in using blockchain-enabled payment rails or issuing stablecoins.
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