Bullish Exchange listed SoFiUSD, the first stablecoin from a U.S. national bank on a centralized exchange. The token extends beyond SoFi's consumer app into institutional markets under the GENIUS Act framework.
Bullish Exchange listed SoFiUSD on Tuesday, making it the first centralized exchange to offer a stablecoin issued by a U.S. national bank. The token, issued by SoFi Bank, N.A. (NASDAQ: SOFI), is now available for trading on Bullish's institutional platform, extending its reach beyond SoFi's consumer banking app.
SoFiUSD maintains a one-to-one peg to the dollar and is fully backed by reserves held at the issuing bank. Holders can redeem it directly for fiat currency. SoFi introduced the stablecoin to its roughly 15 million members in May 2026, shifting the product from enterprise-focused infrastructure toward broader consumer use.
The listing comes after the GENIUS Act, enacted in 2025, created a federal framework for dollar payment stablecoins. The law lets regulated banks and qualified issuers bring digital dollars to market under reserve requirements and oversight from agencies including the Office of the Comptroller of the Currency.
Bullish CEO Tom Farley called the development a defining moment for the market. Regulated institutions are moving beyond observation and actively building within digital assets, he said. He added that partnering with SoFi to become the first exchange to offer SoFiUSD was a point of pride.
SoFi CEO Anthony Noto said the launch gives users a trusted method to engage with digital dollars backed by the strength and regulatory oversight of a U.S. national bank. He described the Bullish listing as an exciting milestone that broadens access and expands the token's utility across the digital asset ecosystem.
Bullish operates under multiple regulatory licenses, including oversight from the New York State Department of Financial Services, Germany's BaFin, Hong Kong's Securities and Futures Commission, and Gibraltar's Financial Services Commission. In the U.S., its operations fall under NYDFS regulation and FinCEN registration as a money services business.
The exchange's central limit order book, combined with its proprietary automated market maker, powers the trading experience. The system generates bids and offers from the platform's own liquidity sources, helping minimize price slippage and maintain tight spreads. It operates independently of external oracles. In May 2026 alone, the platform recorded $30 billion in total spot trading volume.
Institutional clients on Bullish have customer assets held in a 1:1 ratio and kept fully segregated from the exchange's own holdings. The platform maintains hardware, software, and operational protections to safeguard funds.
Eligible institutional customers interested in trading SoFiUSD on Bullish can reach out to sales@bullish.com for onboarding.
AlphaScala's proprietary scoring system rates SOFI at 34 out of 100, with a Weak label in the Financials sector. The stock page is available here.
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