SoFi's Bank-Issued Stablecoin Hits $150M as Bullish Becomes First CEX to List It
SoFi Bank's stablecoin SOFIUSD crossed $150 million in circulating supply on Tuesday, the same day Bullish announced it is the first centralized exchange to list the token, according to on-chain data tracked by Artemis and an official Bullish announcement.
Artemis CEO Jon Ma noted the milestone Tuesday morning, writing “SoFiUSD now at $150M.” SOFIUSD is issued by SoFi Bank, N.A., a nationally chartered US bank and wholly-owned subsidiary of SoFi Technologies, Inc.
Exchange Debut
Bullish announced Monday that it is the first centralized exchange to list SoFiUSD, with trading available on Bullish's central limit order book. The listing gives institutional traders direct access to the stablecoin outside the SoFi consumer app. Bullish described SOFIUSD as “the first stablecoin issued by a US national bank,” consistent with SoFi's positioning since the token's December 2025 enterprise launch.
From Ethereum to Solana
The Defiant previously reported SoFi's May 2026 rollout of SOFIUSD to its approximately 15 million consumer members via the SoFi app. The stablecoin launched on Ethereum first, with Solana later added as a settlement layer per SoFi's product rollout for its consumer members.
SOFIUSD is fully reserved and redeemable 1:1 for US dollars, per the Bullish press release. That reserve structure has been a central part of SoFi's pitch to institutional payment clients.
SoFi has also connected SOFIUSD to Mastercard's Multi-Token Network for card settlement, supporting both stablecoins and tokenized deposits across the network.
The stablecoin's expansion beyond the SoFi ecosystem coincides with its rapid supply growth: the Solana deployment opens SOFIUSD to Solana DeFi liquidity pools and programmable settlement flows, while the Bullish listing routes institutional order flow through a regulated CEX for the first time.