SoFi Launches US Dollar Stablecoin Through Its Banking Subsidiary
SoFiUSD Launch: SoFi Technologies has introduced SoFiUSD, a US dollar stablecoin fully backed by cash reserves at SoFi Bank, designed for low-cost settlements across various platforms and initially issued on the Ethereum network.
Market Impact: Following the announcement, SoFi's stock price rose by approximately 5%, reflecting a significant increase of over 70% in the past six months, indicating positive market reception.
Banking Sector Interest: Major US banks, including JPMorgan Chase and Bank of America, are exploring stablecoins for digital payments, spurred by the regulatory clarity provided by the GENIUS Act, which was passed in July.
Regulatory Concerns: While banks are interested in stablecoins, there are concerns about yield-bearing stablecoins potentially diverting deposits from traditional banking, leading to calls for tighter regulations to close existing loopholes in the GENIUS Act.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK) As of , Lorenzo Protocol (BANK) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 11 technical signals, shows that 5 indicators are flashing buy, while 6 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00256 | 0.0161 | 0.0264 | 0.0399 | 0.0502 | 0.0637 | 0.074 |
| Fibonacci | 0.0161 | 0.0252 | 0.0308 | 0.0399 | 0.049 | 0.0546 | 0.0637 |
About BANK
About the author
