SoFi launches interest-bearing tokenized deposit product SoFi Earn
1 hours ago
US fintech company SoFi Technologies has announced the launch of SoFi Earn, a product coded SOFIE, an interest-bearing tokenized deposit with an annual percentage yield (APY) of 4.4%, which is insured by the U.S. Federal Deposit Insurance Corporation (FDIC) within applicable limits. SoFi noted that this marks the first time a U.S. national bank has directly offered tokenized deposits to individual customers. Each SOFIE token is pegged to $1 in deposits at SoFi Bank; members can exchange it 1:1 via SoFi Crypto for the stablecoin SoFiUSD, which can be used to purchase cryptocurrencies or transferred to supported external wallets around the clock. The deposits accrue interest until redemption, while SoFiUSD, like other stablecoins, is not an FDIC-insured deposit. SoFi expects to complete the full rollout to its crypto members in November. The firm launched consumer-facing crypto trading in November 2025, followed by the rollout of SoFiUSD, and integrated it into its consumer app in May this year. SoFi Crypto currently supports trading of over 40 crypto assets. CEO Anthony Noto stated that the goal is to let funds generate returns before being deployed, combining the returns and protection of bank deposits with the speed and utility of digital assets.
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