SoFi unveils bank-issued tokenized deposit for yield-bearing crypto funds

What happened: SoFi Bank launched SoFi Earn (SOFIE), a tokenized deposit paying a variable 4.4% APY that users can convert one-for-one into SoFiUSD, the bank's dollar-pegged stablecoin, to buy crypto or send to external wallets. Key numbers: 4.40% APY; each SOFIE represents $1 deposited; FDIC coverage up to $250,000 per depositor, per insured bank, per account ownership category; Why it matters: SOFIE deposits carry FDIC insurance while SoFiUSD does not. The launch follows the OCC's final rule on payment stablecoin issuance, with the GENIUS Act framework taking effect in mid-January. Coverage: 3 outlets in 24h

SoFi Bank launched SoFi Earn (SOFIE), a tokenized deposit paying a variable 4.4% APY that users can convert one-for-one into SoFiUSD, the bank's dollar-pegged stablecoin, to buy crypto or send to external wallets.

SOFIE deposits carry FDIC insurance while SoFiUSD does not. The launch follows the OCC's final rule on payment stablecoin issuance, with the GENIUS Act framework taking effect in mid-January.