SoFi Technologies Launches SoFiUSD Stablecoin for 15M Users
SoFi Technologies made history as the first U.S. national bank to put a chartered stablecoin directly into consumers' hands, opening SoFiUSD to nearly 15M app users for buy, sell, hold, and convert, a structural milestone that redraws the competitive map for fintechs, traditional banks, and stablecoin issuers alike. On the treasury front, DDC Enterprise and Genius Group both added to or expanded their bitcoin strategies. In infrastructure, TeraWulf closed a 1 GW-capable Kentucky data campus acquisition and IREN committed approximately $1.6B to Dell Technologies for Blackwell GPU hardware to power a $3.4B AI cloud contract. Streamex and Orca went live with 24/7 on-chain secondary market trading for a tokenized gold security on Solana, an early proof-of-concept for always-on real world asset liquidity. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.SOFI'S STABLECOIN GOES LIVE:SoFi Technologiesmade SoFiUSD available to its nearly 15M app members for buy, sell, hold, and convert functions inside the SoFi app, with full rollout expected by early June,confirmed. The stablecoin is issued under SoFi's national bank charter, giving it a regulatory distinction no other consumer stablecoin currently holds. The bank-charter backing separates SoFiUSD from non-bank stablecoin issuers such as Circle'sUSD Coinand Tether, placing SoFi Technologies at the intersection of the pending GENIUS Act stablecoin framework and the chartered-bank regulatory channel.framed the key investor question as whether mass retail adoption will materialize for a bank-digital-dollar product competing against embedded fintech wallets already in users' daily flows.BITCOIN TREASURY MOVES:DDC Enterprisedisclosed its second bitcoin purchase in seven days, adding 131 bitcoin to bring its corporate treasury to 2,714 bitcoin, with no new common shares issued in connection with the buy,revealed. The sequential non-dilutive accumulation lifted bitcoin per 1,000 DDC Enterprise shares by 5.1% to 0.057053, a per-share bitcoin yield metric DDC Enterprise has adopted directly from the Strategyplaybook.Genius Groupalso moved, with its board approving a dual bitcoin and AI treasury model targeting an initial $100M deployment into a pre-IPO portfolio it calls the AGI Infinity Portfolio, with a five-year target of $800M,announced, naming SpaceX, OpenAI, Anthropic, Figure AI, Replit, Anduril, and Databricks as target exposures.MINER AND INFRASTRUCTURE EXPANSION:TeraWulfclosed the acquisition of the Muskie Data Campus in eastern Kentucky from Industrial Equity Partners effective May 22, adding a 285-acre site capable of supporting more than 1 GW of AI/HPC data center capacity,disclosed. Kentucky Power, a unit of American Electric Power, is constructing a 345 kV substation connected to the 765 kV transmission backbone, with the first 500 MW tranche targeted for the second half of 2028 and the next 500 MW for the second half of 2030.IRENentered into an approximately $1.6B purchase agreement with Dell Technologiesfor air-cooled NvidiaBlackwell GPU systems to service its previously announced $3.4B five-year managed services AI cloud contract,revealed. The systems will deploy at IREN's Childress, Texas campus with commissioning targeted for early 2027, at which point the company expects its AI cloud annualized recurring revenue to rise from $3.7B to $4.4B.TOKENIZED ASSETS GO 24/7:Streamexand Solana-based automated market maker Orca launched continuous decentralized secondary market trading for GLDY, a gold-backed, yield-bearing tokenized security,. The structure provides institutional on-chain liquidity around the clock through a real-world asset tokenization model that bypasses traditional exchange hours. The deployment represents an early live example of the tokenized-security infrastructure that large custodians and broker-dealers have been positioning toward, with continuous pricing and settlement removing the settlement-cycle friction that has been a practical barrier for institutional RWA adoption. Solanaserves as the underlying settlement layer.PRICE ACTION:As of time of writing, bitcoinwas trading at $74,894.59, while etherwas trading at $2,059.21,.
