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Bullish Lists SoFiUSD, First CEX to Carry Bank Stablecoin
Bullish listed SoFiUSD on June 22, the first centralized exchange to carry the bank-issued stablecoin. The move opens institutional access to a U.S. national bank token.
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Bullish became the first centralized exchange to list SoFiUSD on June 22, pushing SoFi's bank-issued stablecoin beyond its consumer banking app and into institutional trading markets.
SoFiUSD is now live on Bullish's central limit order book, the exchange said. The stablecoin, issued by SoFi Bank, N.A., launched in May as the first U.S. dollar stablecoin from a U.S. national bank. SoFi initially offered it to its roughly 15 million members through its own platform.
Bullish said the stablecoin is fully reserved and redeemable 1:1 for dollars. The exchange's listing gives institutional traders access through a regulated venue with dedicated liquidity infrastructure, according to the company.
Tom Farley, CEO of Bullish, called the listing a milestone. "Regulated institutions are increasingly building products around digital assets rather than observing from the sidelines," he said.
SoFiUSD trades on Bullish's order book, which is integrated with the exchange's proprietary automated market-making system. The company said the structure is meant to maintain liquidity, reduce slippage, and tighten spreads for institutional participants.