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

In short

SoFi launched SoFi Earn (SOFIE), which it calls the primary nationwide bank-issued tokenized deposit for customers.
The product targets idle digital {dollars} by providing curiosity and insurance coverage stablecoins lack.
It’s SoFi’s fifth crypto product in beneath a 12 months, extending a build-out that features its crypto-trading return and the SoFiUSD stablecoin.

SoFi is giving its prospects a solution to earn bank-grade curiosity on digital {dollars} with out giving up the pace of crypto, launching what it calls the primary nationwide bank-issued tokenized deposit for customers.

Introduced Thursday, the product, SoFi Earn, trades beneath the ticker SOFIE, with every token representing $1 held on deposit at SoFi Financial institution. Holders earn 4.40% annual proportion yield, and the funds are FDIC-insured as much as relevant limits, a key distinction from odd stablecoins.

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When members wish to deploy the cash, they’ll convert SOFIE one-to-one into SoFiUSD, the bank’s stablecoin, after which use it to purchase crypto within the SoFi app or transfer {dollars} over blockchain rails across the clock.

The pitch targets a particular hole. Stablecoins have turn out to be a preferred solution to park digital {dollars}, however many pay no curiosity and carry no deposit insurance coverage. SoFi cited Federal Reserve analysis estimating that roughly $64 billion, or about 21% of the stablecoin market, sits idle in forgotten or inactive wallets. The corporate is pitching SOFIE as a solution to maintain that cash incomes till the second it’s spent.

“An excessive amount of cash within the digital asset ecosystem is sitting idle,” CEO Anthony Noto mentioned in a press release, arguing the product combines “the incomes energy and protections of a financial institution deposit with the pace and utility of digital property.”

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SoFi Earn is the fifth crypto product the corporate has rolled out in beneath a 12 months, a part of an aggressive build-out of its digital-money ecosystem.

SoFi returned to crypto trading in late 2025 after exiting the enterprise years earlier, turning into the primary nationally chartered U.S. financial institution to supply it to customers, and members can now commerce greater than 40 tokens.

The corporate adopted that with SoFiUSD, the first stablecoin issued by a U.S. national bank, launched throughout Ethereum and Solana and now used to settle SoFi’s total card program over Mastercard’s community.

The transfer pushes SoFi deeper into a space the place banks and fintech corporations are racing to fold blockchain-based {dollars} into regulated merchandise, following its earlier launch of enterprise banking for digital property and a stablecoin tie-up involving cryptocurrency exchange Kraken.

By wrapping a yield-bearing, insured deposit in a token that strikes like a stablecoin, SoFi is betting customers need each directly.