The SoFiUSD stablecoin has hit another milestone after becoming the first bank-issued stablecoin to list on Bullish Exchange, marking a new step in the convergence of traditional banking and digital assets.
Bullish, an institutionally focused digital asset exchange listed on the New York Stock Exchange, said it is the first centralized crypto exchange to support trading for SoFiUSD. The move gives institutional investors regulated access to the digital dollar and pushes SoFiUSD beyond its initial consumer banking use case.
The listing comes as SoFiUSD surpassed $150 million in circulating supply, reflecting growing demand for stablecoins issued within a regulated banking framework.
SoFiUSD is issued by SoFi Bank, N.A., making it the first stablecoin launched by a U.S. nationally chartered bank. It was introduced to SoFi’s nearly 15 million members in May 2026 as part of the bank’s digital payments strategy, and is fully backed by reserves that allow one-to-one redemption for U.S. dollars.
Unlike most stablecoins that are issued by crypto firms or fintechs, SoFiUSD operates inside a regulated bank structure. For many institutional participants, that oversight on issuance and reserve management is the key difference. The rapid growth to $150M+ in supply suggests that confidence factor is resonating as banks expand into blockchain-based payments.
As SoFiUSD’s first centralized exchange partner, Bullish provides a venue for institutional trading with deep liquidity and established market infrastructure.
Bullish operates under multiple licenses, including oversight from the New York State Department of Financial Services, Germany’s BaFin, Hong Kong’s SFC, and Gibraltar FSC. Its European business is also regulated under MiCAR, while its U.S. entity is registered with FinCEN and supervised by NYDFS.
Those approvals are intended to give institutions a compliant environment to trade, settle, and manage treasury positions using SoFiUSD, rather than relying only on privately issued stablecoins.
Stablecoins have traditionally been a crypto-native product. The shift now is toward banks entering the space as demand for blockchain settlement grows.
Bank-issued stablecoins aim to combine blockchain’s speed with the credibility and regulatory controls of licensed financial institutions. That mix is attracting businesses, payment providers, and asset managers who need a trusted digital settlement asset for payments, remittances, and trading without crypto price volatility.
SoFi’s executives frame the listing as an extension of that bridge. CEO Anthony Noto said the Bullish integration broadens access to SoFiUSD across the digital asset ecosystem. Bullish CEO Tom Farley noted that banks are increasingly building products on blockchain instead of just watching it.
As a U.S. dollar stablecoin, SoFiUSD is designed to hold a stable 1:1 value with the dollar through reserve backing. That predictability makes it suitable for treasury management, cross-border settlement, and liquidity management where traditional rails can be slower or costlier.
The Bullish debut also comes as competition in the digital dollar space intensifies. With regulation becoming clearer, more banks and financial firms are expected to launch compliant stablecoins focused on efficiency, transparency, interoperability, and adoption.
