At a glance

  • SoFi launched SoFi Earn (SOFIE), a tokenized deposit in which each token represents $1 held at SoFi Bank and earns a variable 4.40% annual percentage yield (APY), with FDIC insurance up to the usual limits, the company said on Thursday.
  • Each token can be swapped at par for SoFiUSD, the bank’s stablecoin, to buy crypto in the app or send dollars to a supported external wallet at any hour. SoFi is rolling SOFIE out to its crypto customers now through November.

SoFi calls SOFIE the first and only tokenized deposit issued by a US national bank to consumers, according to the release.

The rate was current as of 20 Oct and can change at any time, SoFi’s disclosures say. There is no minimum balance, and fees may reduce earnings.

“Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people,” chief executive Anthony Noto said in the release.

Deposit, then stablecoin

SOFIE is a deposit liability of SoFi Bank, N.A. and is insured up to $250,000 per depositor, per bank, for each ownership category, according to SoFi. Its disclosures state that “SOFIE is not a payment stablecoin.”

SoFiUSD, launched in December 2025, is not a deposit and is not FDIC-insured, the company said. The deposit keeps earning interest until it is converted, The Block reported. SoFi says SoFiUSD already settles its entire card programme over Mastercard’s network.

SoFi cited Federal Reserve research estimating that about $64 billion, or 21.2% of the stablecoin market, sits idle in rarely used or forgotten wallets.

Context

Banks have so far aimed deposit tokens mostly at companies. On 19 Oct CryptoWatchDesk covered JPMorgan’s JPMD deposit token for institutional clients moving to Ethereum. The GENIUS Act, meanwhile, bars payment stablecoin issuers from paying holders interest or yield just for holding the coin, the issue at the centre of the OCC’s final GENIUS Act rule on 21 Oct.

SOFIE is SoFi’s fifth crypto product in under a year, following launches that include crypto trading in November 2025, SoFiUSD and a business banking service for digital assets, the release says; Decrypt also reported the 4.40% rate and the one-to-one conversion.

What it changes for users

For SoFi crypto customers, cash waiting to buy crypto can now earn the deposit rate inside the app instead of sitting in a stablecoin that pays nothing. The trade-off is one extra step: the money has to be converted to SoFiUSD before it can be spent or moved on-chain, and it leaves the deposit insurance behind when it does. For the basics of the stablecoin side, see what a dollar stablecoin is.

This article is for information only and is not investment advice.