The U.S. Federal Reserve and other regulators told bankers that they need to maintain the same amount of capital to back tokenized securities as they do regulator securities.

“The technologies used to issue and transact in a security do not generally impact its capital treatment,” according to the agencies, also including the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. The three sent a new frequently-asked-questions document on Thursday to the banks they regulated.

The legal rights to owners of securities are meant to be the same whichever way the securities transact, and the regulators say the capital should also be the same. The assets themselves may also be used as financial collateral in the same way that securities are, the agencies clarified, “subject to the same haircuts applicable to the non-tokenized form of the security.”

Banks and other financial firms are required by their regulators to maintain capital as a cushion against financial distress, setting aside certain levels of liquid assets to be able to protect themselves and their customers. Setting the same standard for both forms of securities ownership means the crypto-linked assets won’t face more stringent treatment.

The same capital treatment also applies whether the tokens are issued on permissioned or permissionless blockchains, the regulators said, and that technology-neutral approach holds true for the capital tied to derivatives that reference tokenized securities, as well.

Tokenization of securities is a rising segment of crypto activity, in which such assets as stocks, bonds and real estate can be represented in a token issued on a blockchain. The U.S. Securities and Exchange Commission is also working on policies to direct how the tokens are handled.

Capital requirements represent a core compliance demand in the banking business, and clarity on such aspects of crypto capital further advances the assets into melding with U.S. banking. Though U.S. bank watchdogs were hesitant in recent years to embrace crypto and blockchain technology, the incoming leaders appointed during the administration of President Donald Trump last year have made it a special point to champion pro-crypto moves.

Read More: Market infrastructure firms warn tokenized securities face higher costs, split liquidity without interoperability

TLDR:

• SoFiUSD is the first stablecoin issued by a U.S. nationally chartered and insured deposit bank on a public chain.
• BitGo’s Stablecoin-as-a-Service platform powers SoFiUSD’s minting, burning, and institutional distribution.
• Both SoFi Bank and BitGo Bank & Trust are OCC-regulated, creating a dual-compliance framework for the token.
• The GENIUS Act passage enabled the legal foundation for SoFiUSD’s launch as a bank-issued stablecoin product.

SoFi Bank has launched SoFiUSD, a U.S. dollar-pegged stablecoin running on a public, permissionless blockchain. It is the first stablecoin issued by a nationally chartered and federally insured U.S. bank. 

BitGo Bank & Trust, is providing the infrastructure behind the token. The move comes following the passage of the GENIUS Act, which opened clearer regulatory pathways for bank-issued stablecoins.

BitGo Powers Stablecoin Issuance for a Chartered U.S. Bank

BitGo is delivering this through its Stablecoin-as-a-Service platform. 

The platform handles technology and operational infrastructure for SoFi Bank’s minting and distribution process. BitGo Bank & Trust is itself OCC-regulated. Both institutions operate under the same regulatory framework, which forms the backbone of the compliance model.

According to the official announcement, BitGo will also work with select payments providers, market participants, and exchanges. 

This is designed to expand institutional reach for SoFiUSD. The token targets banks, fintechs, and enterprise treasury operations specifically. It is not positioned as a retail consumer product.

SoFiUSD is pegged 1:1 to the U.S. dollar. Third-party auditors will provide regular attestations to confirm reserve backing. BitGo’s smart contract infrastructure handles minting, burning, and transaction controls. The setup mirrors compliance-first architectures used in traditional finance.

SoFi’s crypto distribution team described SoFiUSD as critical financial infrastructure. 

The token is aimed at institutions seeking settlement efficiency around the clock. It targets a specific gap in global treasury operations. Traditional banking rails still close on weekends and holidays.

SoFiUSD Aims to Bridge Regulated Banking and Blockchain Settlement Rails

The GENIUS Act passage has created new legal clarity for bank-issued stablecoins. SoFiUSD is the first product to market under this emerging framework. 

BitGo’s infrastructure was built to support large-scale institutional asset flows. That makes SoFiUSD more aligned with wholesale finance than consumer crypto.

The partnership structure keeps regulatory accountability central. Both SoFi Bank, N.A. and BitGo Bank & Trust answer to the OCC. That dual-regulated relationship distinguishes SoFiUSD from stablecoins issued by non-bank entities.

It also positions the token as a potential model for future bank-issued digital currencies.

BitGo has described its Stablecoin-as-a-Service offering as purpose-built for institutions requiring regulatory trust alongside technical capability. 

The infrastructure supports 24/7 onchain liquidity. That addresses a longstanding limitation for corporate treasurers managing cross-border payments. Real-time settlement across time zones has historically required multiple intermediaries.

SoFiUSD’s blockchain deployment on a permissionless public chain is notable. Most bank-adjacent digital assets have launched on private or permissioned networks. 

This approach increases transparency and external auditability. It also allows third-party integration without requiring special access or agreements.

Bitcoin mining companies have offloaded a sizable portion of their Bitcoin reserves in recent months, signaling a shift away from the self-treasury strategy that dominated the industry during the 2024–2025 market upcycle.

According to TheEnergyMag’s Miner Weekly newsletter, publicly listed miners have sold more than 15,000 Bitcoin (BTC) since October. That month marked the market’s peak before a historic flash crash triggered widespread deleveraging across the industry.

Several large miners contributed to the sell-off. The newsletter highlighted Cango’s February sale of 4,451 BTC, equal to roughly 60% of its reserves, as well as Bitdeer, which reportedly liquidated its entire Bitcoin treasury last month. 

It also pointed to Riot Platforms’ multiple BTC sales in December and Core Scientific’s plan to sell roughly 2,500 BTC during the first quarter.

MARA Holdings, the largest publicly traded Bitcoin mining company, drew attention this week after updated regulatory filings indicated it may both buy and sell Bitcoin to maintain flexibility and optionality.

Markets initially focused on the potential for sales, prompting vice president Robert Samuels to clarify the company’s position that the filing allows flexible sales but does not signal a majority liquidation.

MARA currently holds more than 53,000 BTC, making it the second-largest public corporate holder of Bitcoin, behind Michael Saylor’s Strategy.

Related: Bitcoin mining’s 2026 reckoning: AI pivots, margin pressure and a fight to survive

Mining companies shift strategy as margins tighten

Bitcoin miners’ recent sales mark a sharp departure from earlier cycle trends, when many companies adopted a de facto “treasury strategy” by holding a larger share of their self-mined BTC on their balance sheets.

At the time, research from Digital Mining Solutions and BitcoinMiningStock.io suggested the holding pattern reflected expectations of further price appreciation. It also coincided with efforts by several miners to strengthen their financial footing while expanding into adjacent businesses such as AI infrastructure, high-performance computing and data center services.

Industry conditions have deteriorated since October, however, with some observers describing the current environment as the harshest margin squeeze on record for mining companies.

The pressure has begun to show on balance sheets. CleanSpark, for example, repaid its Bitcoin-backed credit line in full, a move the company said was aimed at reducing financial risk amid tightening industry margins.

Related: American Bitcoin boosts hashrate with 11,298 new mining machines