According to CoinMeta, fintech company Sofi announced the integration of its stablecoin sofiusd with Polygon Open Money Stack. This stablecoin is the first of its kind issued by a national bank in the United States and has already been in operation on Ethereum and Solana. Over 17 million users can buy, hold, and exchange sofiusd through the Sofi app, without the need to open a separate cryptocurrency wallet or perform manual cross-chain transactions. sofiusd is pegged to the US dollar at a 1:1 ratio and is issued by Sofi Bank, which is regulated by the US Federal Reserve. It is also used for settling all Mastercard card transactions. This stablecoin is not considered a bank deposit, is not covered by FDIC or SIPC insurance, and is not guaranteed by banks or classified as legal tender.