The news: SoFi has launched a business banking product that enables companies to manage both US dollars and cryptocurrencies, including stablecoins. The product is designed to let businesses hold deposits, move money, and settle transactions at SoFi, which spans traditional and decentralized finance.

The company has partnered with a number of digital asset companies, which will use the product to move money and settle transactions.

Zoom out: The business banking product extends SoFi’s crypto push beyond consumers and into business banking. In the past year, SoFi has relaunched consumer crypto trading (which it claimed it was the first nationally chartered bank to do), debuted international payments via SoFi Pay, and introduced its own stablecoin, SoFiUSD.

Trendspotting: SoFi is not the only registered bank to serve companies with services tied to both crypto and fiat. In June last year, for example, Erebor Bank applied to be “the most regulated entity conducting and facilitating stablecoin transactions.” The Office of the Comptroller of the Currency granted it a national bank charter in February. Erebor plans to accept virtual currencies as collateral for some loans and hold crypto off its balance sheet to facilitate payment operations. It has quickly partnered to augment its stablecoin payment capabilities.

Implications for banks: The market’s recent focus has been on crypto companies and large financial institutions applying for national trust charters to expand stablecoin services, comply with the GENIUS Act, and, in some cases, maneuver into traditional banking. SoFi stands out with its approach to crypto for business, first as infrastructure and eventually as a “standard” form of B2B, B2C, and C2B payments.

As stablecoin payments adoption grows, businesses and consumers will need solutions that bridge traditional banking and crypto-based settlement. Providers that can unify both will move ahead, replacing today’s patchwork model and gaining a near-term competitive advantage.