PANews reported on March 7 that BitGo announced that its subsidiary BitGo Bank & Trust has been selected to provide stablecoin infrastructure services for SoFiUSD and support its distribution, SoFiUSD is issued by SoFi Bank and is the first US dollar stablecoin issued on a public, permissionless blockchain by a national chartered and insured depository bank in the United States. The "Stablecoin-as-a-Service" platform provides SoFiUSD with technical and operational infrastructure, as well as institutional access and applications.