SoFi Launches SoFi Earn (SOFIE), a Tokenized Deposit Earning 4.4% with FDIC Insurance

SoFi launched SoFi Earn (SOFIE), described as the first national bank-issued tokenized deposit for consumers. Each SOFIE token represents $1 held in a deposit at SoFi Bank, offering a 4.40% annual percentage yield and FDIC insurance up to applicable limits. Holders can convert SOFIE one-to-one into SoFiUSD, the bank’s stablecoin, to buy crypto in the SoFi app or move funds over blockchain rails. This product targets approximately $64 billion, or 21% of the stablecoin market, currently sitting idle in inactive wallets, addressing the lack of interest and deposit insurance in traditional stablecoins.