SoFi rolls out FDIC-insured tokenized deposit yielding 4.4%

SoFi Bank launched SoFi Earn, a tokenized deposit called SOFIE that pays a variable 4.4% annual percentage yield with no minimum balance. Each SOFIE token represents $1 deposited and can be converted one-to-one to SoFiUSD for crypto purchases or transfers to supported external wallets. SOFIE deposits qualify for FDIC insurance up to $250,000 per depositor, per insured bank, for each account ownership category, while SoFiUSD does not.

SoFi Bank's new SOFIE product is a tokenized deposit rather than a stablecoin: each token corresponds to one dollar held at the bank, and customers can move value into SoFiUSD at a one-to-one rate around the clock. The 4.4% yield is variable, and there is no minimum balance. Access is being phased in for SoFi Crypto members through November via a separate SOFIE account.

FDIC coverage applies to SOFIE deposits up to $250,000 for each depositor at the insured bank, by account ownership type; SoFiUSD is not covered. The rollout follows SoFiUSD's debut in SoFi's consumer banking app and earlier company plans for interest-bearing tokenized deposits. It arrives as the OCC finalized stablecoin-related rules under the GENIUS Act framework.