Morgan Stanley, Citi and PNC will have to catch up with popular fintech bank SoFi.
SoFi Technologies Inc. (NASDAQ: SOFI) was the first U.S. national bank to enable direct trading of cryptocurrencies within standard checking and savings accounts, creating A clear advantage for early movers in the emerging sector of regulated digital asset banking.
Through the phased launch of the bank’s “SoFi Crypto” service Customers can now buy, sell and hold cryptocurrencies such as Bitcoin, Ethereum and Solana Directly within its core banking app. This integrated approach provides an early model for how US retail banks can integrate digital assets into their service offerings.
This launch marks a strategic relaunch of its cryptocurrency services after the company paused its previous offerings in 2023 to secure its national banking charter.
Early engagement metrics indicate strong demand, with 60% of existing SoFi users who own cryptocurrency expressing a preference to trade through a licensed bank, according to a survey conducted by the company.
SoFi’s early entry contrasts with the timelines of larger institutions. While you like large institutions Morgan Stanley (NYSE: MS) and Palestinian National Council (NYSE: PNC) plans to launch its own cryptocurrency services in 2026, like other banks City (NYSE:C) indicated broader crypto intentions, without confirming a specific date for the retail trading product.
OCC guidelines remove barriers for banks
The timing of SoFi’s launch coincides with updated regulatory clarity in the US, which has lowered barriers to entry for national banks.
In multiple letters issued in 2025, the Office of the Comptroller of the Currency (OCC) confirmed this National banks may engage more broadly in cryptocurrency activities without prior “no objection” approvals.
These updates, combined with the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) withdrawing previously restrictive guidance, have effectively reopened the door for regulated institutions to participate in cryptocurrency markets.
What US banks could do with cryptocurrencies with new guidelines
Implications for the financial sector and investors
SoFi’s early launch of a regulated cryptocurrency trading service gives it an operational head start over larger financial institutions, whose digital asset systems are still under development.
The service is offered to a large existing customer base, with initial usage data indicating a preference for accessing cryptocurrencies through a licensed banking platform.
Looking forward, SoFi’s roadmap includes launching its own stablecoin and staking services, and further integrating cryptocurrencies into mainstream finance. This positions the bank not only as a trader, but as a key player in the future of digital assets.
