Cryptoupdated 55m ago2 min read
SoFi Launches SoFi Earn (SOFIE) Bank-Issued Tokenized Deposit With 4.40% APY
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SoFi launches SoFi Earn, a bank-issued tokenized deposit earning 4.40% APY with FDIC insurance. Each SOFIE token represents $1 deposited and can be converted 1:1 into SoFiUSD.
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SoFi Earn launches
SoFi Technologies launched SoFi Earn (SOFIE), a bank-issued tokenized deposit that pays 4.40% APY and carries FDIC coverage up to applicable limits. SoFi said each SOFIE represents $1 held on deposit at SoFi Bank, and customers can convert SOFIE 1:1 into SoFiUSD, the bank’s dollar-pegged stablecoin. SoFi said members can convert SOFIE into SoFiUSD to buy crypto in the SoFi app or send funds to supported external wallets 24/7.
SoFi said SOFIE has no minimum balance requirement, while SoFiUSD carries no FDIC insurance. SoFi’s rollout is scheduled to reach SoFi Crypto members through November, according to the company’s announcement.
Regulatory backdrop
The US Office of the Comptroller of the Currency issued a final rule covering payment stablecoin issuance and some custody activities, and the GENIUS Act framework takes effect in mid-January. Finovate said the launch came a day after the OCC finalized rules implementing the GENIUS Act’s prohibition on stablecoin issuers paying yield to holders. SoFi positioned SoFi Earn as an interest-bearing alternative by offering an FDIC-insured tokenized bank deposit that falls outside the GENIUS Act’s definition of payment stablecoins, according to Finovate.
SoFi CEO Anthony Noto said, "Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people," in connection with the launch. SoFi said it expects to finish rolling out SOFIE to its crypto members in November, and it described the product as continuing to earn interest until it is converted.
What it changes next
SoFi said Fed research estimates that approximately $64 billion, or 21.2% of the stablecoin market, sits idle in rarely used, forgotten or inactive wallets. SoFi said SoFi Earn is designed to keep those digital dollars earning until members convert SOFIE 1:1 into SoFiUSD to buy crypto or move funds over blockchain rails 24/7. SoFi said it has built out a digital money ecosystem in less than a year, including consumer crypto trading in November 2025 and the launch of SoFiUSD in December 2025.
SoFi said members can trade more than 40 cryptocurrencies through SoFi Crypto, and it described SoFiUSD as being used to settle SoFi’s entire card program across Mastercard’s global payments network. SoFi said SoFi Earn is rolling out to SoFi Crypto members now through November, adding another layer to its approach of combining banking and blockchain-based dollar movement.