5 Best Robinhood Stocks Under $20 to Buy Now

2. SoFi Technologies Inc (NASDAQ:SOFI)

Stock Price: $18.22

Number of Hedge Fund Holders: 47

Stock Upside Potential: 14.36%

SoFi Technologies Inc (NASDAQ:SOFI) is among the best Robinhood stocks under $20 to buy now. SoFi Technologies shares have gained more than 10% in the past month, and analysts see more upside potential in the stock.

SoFi Technologies Inc (NASDAQ:SOFI) has launched its own stablecoin as it continues to expand the menu of financial products for its nearly 15 million members. On May 27, the company said its SoFiUSD stablecoin is already available on its banking app for members to buy, sell, or hold. The SoFiUSD launch comes at a time of growing interest in stablecoins for their stability and transaction speed.

The SoFiUSD is initially available on Ethereum and Solana networks, with support for additional blockchains planned for later. The stablecoin is backed by liquid assets and is redeemable on a one-to-one basis for US dollars.

SoFi Technologies offers a bevy of financial products and services to a growing base of members. The company CEO, Anthony Noto, said the launch of SoFiUSD stablecoin allows members to access digital assets right within the same app they already use for things like saving, investing, borrowing, and spending.

SoFi is adding a stablecoin to its product mix at a time when its business is continuing to grow.

SoFi Technologies Inc (NASDAQ:SOFI) is a digital-first financial services provider. It offers banking accounts, credit services, investment products, and payments processing. The company was founded in 2011 and is based in California.