SoFi's Q2 crypto transaction revenue rose 10% to $134M. The neobank launched a regulated stablecoin and enterprise banking with Mastercard and BitGo. Crypto now accounts for 11% of revenue.
SoFi Technologies reported Q2 2026 earnings Tuesday, with crypto transaction revenue rising 10% from the prior quarter to $134 million. The number sits inside a broader quarter that beat expectations across the board.
Adjusted net revenue hit $1.2 billion, a 40% jump year-over-year. The company added 2.2 million new products in the quarter, pushing total members to 15.8 million, up 35% from a year ago. Product offerings across the platform reached 24.4 million, a 42% increase.
CEO Anthony Noto has described the company's cross-selling strategy as a “Financial Services Productivity Loop.” SoFi Crypto now lists over 388,000 products available for transactions, giving users access to digital assets inside an app that also handles checking accounts, student loans, and investment portfolios.
The more consequential development may be what happened off the trading screen. SoFiUSD, the company's bank-issued stablecoin that launched in December 2025, began facilitating internal trading settlements during Q2 2026. The token runs on Ethereum and carries a distinction most crypto-native stablecoins cannot claim: it is regulated by the Office of the Comptroller of the Currency and FDIC-insured. The stablecoin also powers the SoFi Exchange Network, enabling real-time payments.
SoFi launched Big Business Banking during the quarter, a new enterprise product that integrates both fiat and crypto services for institutional clients. Early adopters include Mastercard and BitGo. Mastercard has been steadily expanding its blockchain partnerships; choosing SoFi as a banking partner signals confidence in the neobank's ability to serve large-scale clients at the intersection of traditional finance and digital assets. BitGo, a major institutional crypto custodian, brings a different kind of credibility. Its participation suggests SoFi's enterprise banking product has enough crypto-native functionality to attract firms that live in digital assets daily.
$134 million in crypto revenue against $1.2 billion in total adjusted net revenue means crypto accounts for roughly 11% of SoFi's top line. The 40% year-over-year revenue growth and 35% membership growth show the broader business is accelerating. Crypto is growing alongside it, at a slower clip of 10%.
If crypto transaction revenue is primarily driven by retail trading volume, it remains tethered to market cycles. The stablecoin and enterprise banking moves are designed to diversify away from that cyclicality, creating revenue streams that persist regardless of Bitcoin price swings. SoFi is one of the only publicly traded U.S. banks that holds a national banking charter, offers crypto trading, has issued its own stablecoin, and is now courting enterprise clients with hybrid fiat-crypto services.
Mastercard carries an Alpha Score of 70/100 from AlphaScala, labeled Moderate. SoFi scores 18/100, labeled Weak. The gap reflects the difference between a mature payments infrastructure giant and a high-growth neobank still proving its profitability thesis.
The company reports its Q3 results in late October.
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