SoFi Technologies, Inc.

NASDAQ Global Select
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Somewhat Bullish +45

SoFi's Stablecoin Push Gains Ground: Is SOFI Stock Worth Watching Now?

Company update Digital wallet Stablecoin launch AI-generated analysis

🚀 SoFi launched SoFiUSD settlement across Mastercard's network in September, transitioning from testing to a live card program expected to process over $25 billion in annualized volume.

💰 Second-quarter adjusted net revenues surged 40% year over year to $1.2 billion, with fee-based revenues reaching $472 million or 39% of total adjusted net revenue.

📈 SoFi lifted its 2026 adjusted net revenue guidance to a range of $4.75 billion-$4.85 billion while maintaining adjusted EBITDA around $1.6 billion.

👥 Member count reached 15.8 million with products climbing to 24.4 million, and cross-buy rates improved to 51%.

🤝 Payward joined the SoFi Exchange Network and will list SoFiUSD on Kraken, utilizing SoFi's Big Business Banking capabilities for digital-asset liquidity.

📉 SOFI shares have fallen 36.7% year to date as of Sept. 25, 2026, significantly underperforming PayPal's 5.7% decline and Block's 17.4% gain.

💵 SoFi trades at a forward price-to-sales multiple of 3.83X, a sizable premium to PayPal's 1.32X and Block's 1.63X, reflecting faster expected revenue growth.

📊 Analyst estimates for SOFI's 2026 and 2027 EPS suggest year-over-year increases of 53.85% and 35.91%, respectively.

⚖️ Zacks Investment Research maintains a Zacks Rank #3 (Hold) on SoFi, noting that stablecoin-related revenues remain too early to quantify confidently.

Bullish Signals
  • SoFi launched SoFiUSD settlement across Mastercard's network in September, transitioning from testing to a live card program expected to process over $25 billion in annualized volume.
  • Second-quarter adjusted net revenues rose 40% year over year to $1.2 billion, with fee-based revenues reaching $472 million or 39% of total adjusted net revenue.
  • SoFi lifted its 2026 adjusted net revenue guidance to a range of $4.75 billion-$4.85 billion while maintaining adjusted EBITDA around $1.6 billion.
  • Member count reached 15.8 million with products climbing to 24.4 million, and cross-buy rates improved to 51%.
  • Payward joined the SoFi Exchange Network and will list SoFiUSD on Kraken, utilizing SoFi's Big Business Banking capabilities for digital-asset liquidity.
Risk Factors
  • SOFI shares have fallen 36.7% year to date as of Sept. 25, 2026, significantly underperforming PayPal's 5.7% decline and Block's 17.4% gain.
Full Analysis
SoFi Technologies is advancing its digital-asset strategy by launching SoFiUSD settlement across Mastercard's network, moving from testing to a live card program expected to handle over $25 billion in annualized volume. This infrastructure development provides a meaningful real-world use case for the stablecoin, with transactions already processing on blockchain rails and discussions underway to broaden adoption among large U.S. merchants. The company's core business fundamentals remain robust, driven by record member growth, higher product adoption, and rising fee-based revenues. In the second quarter, adjusted net revenues rose 40% year over year to $1.2 billion, while adjusted EBITDA reached $358 million at a 30% margin. Fee-based revenues accounted for 39% of total adjusted net revenues, highlighting SoFi's diversification beyond traditional lending. Despite strong operating momentum and a lift in 2026 adjusted net revenue guidance to $4.75 billion-$4.85 billion, SOFI stock has underperformed peers like PayPal and Block, falling 36.7% year to date as of Sept. 25, 2026. Investors remain cautious about the valuation premium SoFi commands over peers, paying a forward price-to-sales multiple of 3.83X compared to 1.32X for PayPal, while waiting for stablecoin initiatives to materially contribute to profits.