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SoFiUSD is the first U.S. national-bank issued stablecoin available inside a banking app. The bull case is distribution plus settlement; the proof gate is usage, enterprise adoption, and financial contribution.
SoFi reported FY2025 net interest income of $2.22 billion, services revenue of $619.4 million and net income of $481.3 million. The thesis depends on member growth, credit quality, deposits, funding costs, loan sales and capital discipline.
111, Inc. has an official-source baseline, but the report keeps the decision focused on filings: revenue quality, operating income, cash conversion, balance-sheet risk and the next update.