The control finding
SoFi Bank, N.A. issues and redeems SOFID and controls its high-quality liquid reserve; the token is expressly not a bank deposit or FDIC-insured.
- Backing
- Cash and high-quality liquid assets held by the issuing national bank.
- Holder’s position
- SOFID is a token claim under SoFi’s terms and is expressly not an FDIC-insured bank deposit.
- Redemption or exit
- Eligible users redeem through SoFi’s supported channels and terms; others depend on compatible venues.
Dependencies an advisor should record
- SoFi Bank
- Reserve custody and banking operations
- User eligibility and compliance screening
- Supported chains and contracts
Material incident check
- No material control, reserve, or redemption incident was identified in the reviewed sources.
Why this distinction matters
Record SoFi Bank, N.A. as the controlling party, verify direct-redemption eligibility, and do not treat an on-chain balance as eliminating reserve, custody, contract, or legal dependencies.
A named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. That finding can coexist with a sound reserve, useful product, or appropriate client role. The grade prevents the on-chain wrapper from being mistaken for the absence of an administrator.
Questions before use
- Does the exact contract and chain match the instrument reviewed here?
- Which party can mint, burn, pause, upgrade, block, or redeem?
- Does the client have direct redemption access or only secondary liquidity?
- What protocol, bridge, wallet, and custodian dependencies are added?
- Which event would force review or exit?
Sources
- SoFi: SoFiUSD · primary
- SoFi: SOFID Terms of Use · primary
- DefiLlama: Stablecoins circulation dataset · secondary
Documents and product terms can change. This profile records the control interpretation reviewed on 2026-08-19; verify current terms before implementation.
Legend: No freeze key: no issuer or administrator can freeze an address at this layer · Governed, no freeze: on-chain collateral and governance set the terms, but no issuer blocklist exists · Mixed control: on-chain mechanisms sit beside custodians, real-world assets, a central transaction orderer, or other parties a court or regulator can compel · Issuer can freeze: a named organization or administrator controls issuance, transfers, reserves, redemption, or address restrictions. How grading works.