SoFi Bank's stablecoin SOFIUSD crossed $150 million in circulating supply on Tuesday – the same day crypto exchange Bullish became the first centralized trading venue to list the token, on-chain data from Artemis shows.
The milestone marks a rare step for a bank-issued stablecoin. SoFi, a federally chartered U.S. bank, launched SOFIUSD earlier this year, positioning it as a fully reserved, bank-grade alternative to mainstream stablecoins like USDC and USDT. Unlike most stablecoin issuers, which operate outside the traditional banking system, SoFi issues the token directly from its own balance sheet, subject to federal oversight.
Bullish's listing gives SOFIUSD its first real exchange liquidity. The exchange, which focuses on institutional and high-volume traders, added the token to its spot market Tuesday morning. That move could drive adoption among traders who prefer a bank-issued asset for settlement or as a haven during volatile periods.
The $150 million supply figure is still modest compared with USDC's $35 billion or USDT's $110 billion. But the growth rate is worth watching. SoFi's stablecoin has doubled its circulating supply in the past month, according to Artemis data, as the bank expands its on-chain services.
What matters most for traders: SOFIUSD trades at a tight peg around $1, and SoFi publishes daily reserve reports. The bank has said it holds liquid assets matching the token's supply one-to-one. If that transparency holds, SOFIUSD could attract risk-averse users looking for a stablecoin with a regulated issuer – something the crypto market has demanded since the Terra collapse.
Still, the token faces two big tests. First, whether SoFi can scale supply quickly without price dislocations. Second, whether other exchanges follow Bullish's lead. A Binance or Coinbase listing would confirm broader market confidence. For now, the listing on Bullish provides the first real price discovery for SOFIUSD – and a key metric for traders to track.
SoFi Bank’s stablecoin SOFIUSD reaches $150M supply as Bullish exchange adds it for trading
SoFi Bank’s stablecoin SOFIUSD doubled its circulating supply to $150 million, gaining listing on the Bullish exchange. This gives traders access to a federally backed, fully reserved stablecoin with transparent reserve reports.