SoFi Launches Tokenized Deposit That Earns 4.4% and Converts to a Stablecoin

What happened: SoFi launched SoFi Earn (SOFIE), which it calls the first national bank-issued tokenized deposit for consumers. Each token represents $1 held at SoFi Bank and can convert one-to-one into the SoFiUSD stablecoin. Key numbers: 4.40% annual percentage yield; FDIC-insured up to applicable limits; roughly $64 billion, about 21% of Why it matters: SoFi is pitching SOFIE at stablecoins that pay no interest and carry no deposit insurance, betting consumers want yield and insurance alongside stablecoin-style movement. It extends a build-out that includes crypto trading and SoFiUSD.

SoFi launched SoFi Earn (SOFIE), which it calls the first national bank-issued tokenized deposit for consumers. Each token represents $1 held at SoFi Bank and can convert one-to-one into the SoFiUSD stablecoin.

SoFi is pitching SOFIE at stablecoins that pay no interest and carry no deposit insurance, betting consumers want yield and insurance alongside stablecoin-style movement. It extends a build-out that includes crypto trading and SoFiUSD.