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SoFi launches SOFIE, an FDIC-insured tokenized deposit paying 4.4% that converts 1:1 into its stablecoin
Summary
SoFi has launched SoFi Earn (SOFIE), a tokenized deposit in which each token represents $1 held at SoFi Bank, paying a 4.40% annual percentage yield with FDIC insurance up to applicable limits, Decrypt and The Block reported.
SoFi says it is the first time a U.S. national bank has offered tokenized deposits directly to consumers, according to both outlets.
Holders can convert SOFIE 1:1 into SoFiUSD, the bank's stablecoin, to buy crypto in the SoFi app or move funds to a supported external wallet around the clock; The Block noted SoFiUSD, like other stablecoins, is not an FDIC-insured deposit.
SoFi expects to finish rolling SOFIE out to its crypto members in November, The Block reported, and Decrypt called it the company's fifth crypto product in under a year.
Updates
- Update, : Oct. 22: Cointelegraph also reported the launch, describing SoFi Earn as a tokenized deposit paying 4.40% APY with FDIC coverage that can be converted to stablecoins 24/7.
Key facts
- SoFi CEO Anthony Noto said "too much money in the digital asset ecosystem is sitting idle" and that the product combines "the earning power and protections of a bank deposit with the speed and utility of digital assets," per both outlets.
- SoFi cited Federal Reserve research estimating about $64 billion, roughly 21% of the stablecoin market, sits idle in forgotten or inactive wallets, Decrypt reported.
- The deposit keeps earning interest until it is converted, The Block said.
- SoFiUSD launched across Ethereum and Solana and is used to settle SoFi's card program over Mastercard's network, Decrypt reported; The Block said the card program is expected to exceed $25 billion in annualized volume.
- SoFi Crypto supports trading in more than 40 cryptocurrencies, according to the company, The Block reported; SoFi returned to consumer crypto trading in November 2025 and launched SoFiUSD a month later.