SoFi Stablecoin Supply Crosses $300 Million as SoFiUSD Embraces Solana
Social Finance’s bank-issued stablecoin, SoFiUSD, surpassed $300 million in total supply as of Tuesday, marking its most rapid expansion since launch. Data from SoFi and the Solana blockchain shows the token’s supply grew from $100 million to $300 million over a five-week period, with the majority of the increase concentrated on Solana.
The digital dollar has seen growing adoption on faster, lower-cost blockchains as major financial institutions integrate crypto infrastructure. SoFi, the consumer fintech firm, launched SoFiUSD to compete in the US dollar stablecoin market, which currently manages more than $280 billion in circulation. The milestone comes as traditional banks test regulated dollar-backed tokens to streamline payments and attract retail users.
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@cointelegraph🔥 UPDATE: SoFi’s bank-issued stablecoin crossed $300M in supply, with most of the recent growth coming on Solana.
@solanaJUST IN: @SoFi's SoFiUSD supply has increased from $100M to $300M in five weeks. The best place to find liquidity and user growth for stablecoins is on Solana.