SoFi Bank's stablecoin, SOFIUSD, crossed $150 million in circulating supply on Tuesday, according to data from on-chain analytics platform Artemis. The milestone came the same day Bullish announced it would become the first centralized exchange to list the token.
Why the supply jump matters
The $150 million figure marks a notable step for a bank-issued stablecoin. Most stablecoins are managed by crypto-native firms, not traditional banks. SoFi, a digital-first bank, has been building out its crypto offerings, and the SOFIUSD supply growth suggests increasing demand for a bank-backed dollar token. Artemis tracked the supply data, confirming the threshold was crossed mid-week.
Stablecoins tied to regulated banks could appeal to institutions looking for a familiar issuer. But the space remains crowded — USDC and USDT dominate. SoFi's token still has a long way to go before it competes with those giants.
Bullish adds support
Bullish, the crypto exchange backed by Block.one, said it is the first centralized exchange to list SOFIUSD. That gives the stablecoin a direct trading venue beyond decentralized platforms. The exchange did not disclose trading volumes or launch incentives. But the listing could boost liquidity and attract traders who prefer to hold a stablecoin issued by a federally insured bank.
SoFi Bank itself has not commented on the listing or the supply milestone. The bank's crypto division has been expanding gradually, and the move onto Bullish may be part of a broader strategy to push SOFIUSD into more markets.
The stablecoin now has a supply over $150 million and a home on a major exchange. But questions remain. Will other exchanges follow Bullish's lead? And can SoFi maintain or grow that supply as competition from other regulated stablecoins heats up? For now, the numbers are moving in the right direction — but the real test will be adoption outside of SoFi's own ecosystem.
