SoFi's Bank-Issued SoFiUSD Triples to $300M in Five Weeks as Solana Drives All Growth

SoFi Technologies's payment stablecoin SoFiUSD (SOFID) tripled its total supply from $100 million to $300 million in five weeks, with all of the growth coming from a single source: Solana. According to Artemis data published on June 30, the Ethereum supply of SoFiUSD held flat throughout that period while Solana supply climbed past $200 million in under a month.

The result is a stablecoin that launched on two chains and grew on one of them.

SoFiUSD Is Issued by a US National Bank, Not a Crypto Firm

SoFiUSD is not issued by a crypto firm or a fintech holding company. It is issued by SoFi Bank, N.A., a federally chartered bank regulated by the Office of the Comptroller of the Currency (OCC). That matters because it places SOFID in a distinct regulatory category from USDC, USDT, and every other major stablecoin currently in circulation: it is a payment stablecoin issued under a national bank charter, redeemable 1:1 for US dollars directly from the issuing bank.

SoFi CEO Anthony Noto framed the distinction at launch: "People no longer have to choose between blockchain technology and regulated banking products."

SoFiUSD first went live in December 2025 as an ERC-20 on Ethereum, deployed as the settlement layer for SoFi's institutional and enterprise banking platform. Solana was added on April 2, 2026, alongside the launch of SoFi's Big Business Banking product. The stablecoin became available to SoFi's full retail membership of roughly 15 million customers via the consumer app on May 27, 2026.

The regulatory framework that made this possible, the GENIUS Act signed July 18, 2025, established requirements for nationally chartered banks issuing payment stablecoins on public blockchains: 1:1 reserves in cash and short-term US Treasuries, regular attestations, and specific restrictions on interest payments to holders. SoFi's infrastructure for SOFID is provided by BitGo under its Stablecoin-as-a-Service platform.

How Solana's Low Fees and Speed Drove SOFID's $200M Supply Growth

SoFi leadership has been direct about why Solana was selected for the enterprise settlement layer. Ben Reynolds, SoFi's Head of Big Business Banking, cited Solana's transaction costs (near $0.00025 per transaction), along with settlement speed and throughput, according to reporting at launch. Those characteristics matter for a banking product that needs to settle at scale; Ethereum's dollar-range fees during peak demand and slower finality create friction that Solana avoids.

The supply data from Artemis confirms that choice. Since the Solana deployment went live in early April, SOFID supply on Solana climbed past $200 million in under a month. Solana Compass data puts the on-chain supply on Solana at 203.1 million SOFID as of June 30. The Ethereum supply, which had a roughly five-month head start, remained essentially unchanged over the same period.

The gap isn't explained by Ethereum being shut off. Both chains remain live and accessible. The divergence reflects where actual demand for SOFID is forming: in the enterprise settlement and institutional liquidity venues that run on Solana's lower transaction costs and faster finality.

Bank Stablecoins, USDC, and the Shift of Regulated Liquidity to Solana

This isn't an isolated data point. Circle burned $250 million in USDC on Ethereum and issued $910 million on Solana on June 29, shifting a net $660 million in stablecoin liquidity toward Solana in a single day. BNY Mellon on the same day made USDC the first stablecoin on its Digital Asset Custody platform, explicitly naming Solana and Ethereum as the supported chains.

Separately, Toss Bank signed an MOU with the Solana Foundation in June to test stablecoin-based cross-border remittances on Solana.

These are different institutions making separate decisions about where to settle regulated stablecoin transactions, and arriving at the same answer.

The SOFID data is a sharper version of that argument because it comes from a single issuer running on two chains simultaneously. SoFi kept the Ethereum deployment live while adding Solana. The resulting supply growth belongs entirely to the chain with cheaper, faster settlement.

SOFID Roadmap: Tokenized Deposits, FDIC Insurance, and Institutional Partners

SoFi has signaled plans to extend SOFID's functionality beyond simple buy-hold-sell. The roadmap includes the ability to convert SOFID into tokenized deposits, instruments that, unlike payment stablecoins, can earn interest and carry FDIC insurance on the deposit balance. That conversion path would let SoFi members move between a liquid, on-chain payment stablecoin and an interest-bearing deposit without leaving the SoFi app.

On the institutional side, initial partners at launch per the SoFi announcement included Bullish (the first centralized exchange to list SOFID), along with Cumberland, Wintermute, and Galaxy as market-making partners.

Five weeks in, the supply data shows the distribution working as intended. The open question is whether enterprise and institutional demand continues to accumulate on Solana as the consumer rollout scales, or whether the Ethereum deployment eventually sees comparable growth.

Supply figures in this article reflect data published by Artemis via @eco on June 30, 2026.