SoFiUSD Reserves Are 100% Cash As Supply Triples Since May

SoFiUSD reserves were $314,771,112 in cash on August 31, 2026, against 308,322,426 tokens in circulation. That is the core finding of SoFi Bank's latest monthly attestation, signed September 30. Every dollar backing the stablecoin is cash, with a surplus of about $6.4 million.

Schedule II of SoFi Bank's August 31 SoFiUSD attestation report, listing cash as the only reserve asset.

What the SoFiUSD reserves report shows

SoFi Bank, N.A. issues the token under its national bank charter, and SoFi's SoFiUSD page links a report for each month from March through August. Reserves sit in two places. One is the bank's Federal Reserve master account, tracked apart from operating cash. The other is a segregated fiduciary account at BitGo Trust Company, held for the benefit of SoFi Bank.

The report adds that cash at the Federal Reserve is not FDIC insured, and that balances held at a commercial bank may exceed the $250,000 FDIC limit. The August surplus in the SoFiUSD reserves works out to 2.09% of tokens in circulation. A month earlier it was 1.94%, with $309.9 million of cash against 304.0 million tokens. Supply rose 1.4% over August while the cash cushion edged up by about $560,000.

SoFiUSD supply tripled over the summer

The spring reports show almost no movement. Supply sat at about 100 million tokens through March, April and May. By July 31 it had reached 304.0 million, which is a tripling in two months.

The August report splits supply by network. Ethereum carries 100,077,124 tokens and Solana 214,693,983, which is 70% of the total. Five tokens sit on Canton, a negligible amount.

SoFiUSD after the report date

DefiLlama's chain data covers the period since the report. Total SoFiUSD stood near $313 million on August 31 and $335 million on September 30, a 7% rise. It read $336 million on October 9. Nearly all of the gain came on Solana, where DefiLlama shows about $236 million, while Ethereum remains close to $100 million.

Kraken's September 29 explainer says SOFID is redeemable one-to-one for dollars, pays no interest and is not FDIC insured. It also says the token can be withdrawn to any Solana or Ethereum address. SoFi's own page describes tokenized deposits as the next product, where the deposit may earn interest and be FDIC eligible.

Why all-cash reserves matter for SoFiUSD

Many issuers hold Treasury bills or money market funds against their tokens. Some, like the USDGO stablecoin covered recently, hold a tokenized fund. SoFiUSD keeps everything in cash. That removes market and duration risk from the reserve, and it makes the SoFiUSD reserves easy to audit, since the report needs only account balances.

Nothing here is investment advice. Each report is an accountant-examined statement as of month end. It says nothing about balances in between, so the September and October figures from DefiLlama are not covered by any attestation yet. The September report should show whether SoFiUSD reserves grew with the $22 million of new supply.