Bullish Becomes First Exchange to List US National Bank Stablecoin

SoFi Bank, the national bank arm of US digital financial services firm SoFi Technologies, brought SoFiUSD to the platform's almost 15mn members in May, after the asset had served as enterprise infrastructure. 

The Bullish listing carries SoFiUSD into institutional markets, with the exchange serving as SoFi's first centralized trading partner.

GENIUS Act enables bank issuers

The introduction follows the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the 2025 US law that established a federal framework for dollar payment stablecoins and paved the way for regulated banks to issue digital dollars. SoFi says SoFiUSD is fully reserved and redeemable 1:1 for US dollars.

"The first stablecoin issued by a US national bank is a defining moment for the entire market," Tom Farley, CEO of Bullish, said in a statement. "Regulated institutions are no longer watching digital assets from the sidelines but building on them."

"Seeing it listed on Bullish is an exciting milestone because it helps bring SoFiUSD to a broader audience and expands how it can be used across the digital asset ecosystem," Anthony Noto, CEO of SoFi, said in the statement.

Hybrid matching, four licences

SoFiUSD trades on Bullish's hybrid system, which combines a central limit order book (CLOB) with proprietary automated market making (AMM). The CLOB matches buy and sell orders by price priority, while the AMM algorithmically generates quotes to provide continuous liquidity. The system operates independently of external price feeds, removing reliance on third-party oracles.

Bullish recorded $30bn in spot trading volume in May. The venue holds licences from the New York State Department of Financial Services, Germany's Federal Financial Supervisory Authority (BaFin), the Hong Kong Securities and Futures Commission and the Gibraltar Financial Services Commission.