SoFi Issues National Bank Stablecoin on Ethereum and Solana, Targets Bullish
BLSH•SoFi Technologies launched SoFiUSD, the first stablecoin issued by a U.S. national bank, on Ethereum and Solana with 1:1 U.S. dollar redemption. The company plans to list SoFiUSD on Bullish exchange with full availability expected by early June upon the SoFi app update.
1. SoFiUSD Launch and Features
SoFi Technologies activated SoFiUSD on Ethereum and Solana, positioning it as the first stablecoin issued by a U.S. national bank. The token remains redeemable one-for-one for U.S. dollars and is backed by independent attestations from a U.S.-licensed CPA.
2. Bullish Listing Details
SoFi plans to integrate SoFiUSD into the Bullish (BLSH) exchange platform, with full trading availability expected by early June when users update the SoFi app. This listing could drive new trading pairs and boost liquidity on Bullish as retail and institutional clients gain access to a regulated stablecoin.
3. Market and Regulatory Implications
The rollout follows the GENIUS Act’s federal framework for payment stablecoins, potentially enhancing Bullish’s appeal to users seeking regulated digital assets. The addition of a bank-backed stablecoin may intensify competition with USDT and USDC and attract fresh capital to the Bullish ecosystem.
