SoFiUSD, the first stablecoin issued directly by a U.S. national bank, has crossed $150 million in circulating supply, marking a milestone for regulated digital dollar tokens. The token's supply growth coincided with Bullish becoming the first centralized exchange to list SoFiUSD for trading on Tuesday.
SoFi's stablecoin operates within the Converge ecosystem, a platform bridging traditional finance and decentralized applications. The $150 million supply represents a significant early-stage achievement for a bank-backed stablecoin, though it remains far smaller than market leaders like USDT and USDC. Trading volume data and TVL metrics were not disclosed in available sources.
The listing on Bullish, a regulated crypto exchange backed by prominent investors, provides SoFiUSD with a compliant venue for spot trading. This development comes amid increasing regulatory scrutiny of stablecoins, with the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission debating classification frameworks. SoFi's national bank charter may offer a compliance advantage over non-bank issuers.
SoFiUSD's market cap, while modest compared to the broader stablecoin sector's $150 billion, demonstrates growing institutional demand for bank-issued digital dollars. The token's performance shows minimal correlation with Bitcoin and Ethereum price movements, typical of stablecoins designed to maintain a 1:1 peg with the U.S. dollar.
Community reaction has focused on the potential for traditional banks to issue compliant stablecoins without relying on third-party custodians. Competing protocols like Paxos and Circle, which issue stablecoins through trust companies rather than bank charters, face different regulatory obligations, highlighting the strategic divergence in stablecoin issuance models.