SoFi’s crypto relaunch brought in $121.6 million in Q1. Almost all of it went to costs

The company launched the SoFiUSD stablecoin for enterprise payments in December and partnered with Mastercard for settlement capabilities. What to know : SoFi's crypto business generated $121.6 million in Q1 transaction revenue, offset by $120.7 million in costs, resulting in $852,000 net revenue. SoFi reported 239,509 crypto accounts, defined as opened accounts, not active users. The company launched the SoFiUSD stablecoin for enterprise payments in December and partnered with Mastercard for settlement capabilities.