SoFi Technologies has launched SoFi Earn (SOFIE), a tokenized deposit that pays interest and carries FDIC insurance. Customers can convert it into the SoFiUSD stablecoin to buy crypto or send funds. SoFi says no other U.S. national bank has offered this to individual customers.
SoFi Technologies has launched SoFi Earn (SOFIE), an interest-bearing tokenized deposit that offers consumers a 4.4% annual percentage yield with Federal Deposit Insurance Corporation insurance. According to SoFi, it is the first time a U.S. national bank has offered tokenized deposits to individual customers.
How SOFIE converts into SoFiUSD
Each SOFIE is worth $1 on deposit at SoFi Bank. Members can access the account through SoFi Crypto and convert SOFIE into the SoFiUSD stablecoin at a 1:1 rate, SoFi said in a statement shared with The Block. They can then buy cryptocurrencies or transfer funds to a supported external wallet 24/7.
The deposit keeps earning interest until it is converted and is covered by FDIC insurance within the applicable limits. SoFiUSD, like other stablecoins, is not an FDIC-insured deposit. The bank said it expects to finish rolling out SOFIE to its crypto members in November.
SoFi CEO Anthony Noto commented on the launch. According to Noto: "We believe your money should keep working for you until the moment you need it."
SoFi's expanding crypto services
The launch follows SoFi's introduction of consumer crypto trading in November 2025, and its SoFiUSD stablecoin launch a month later. The bank then brought SoFiUSD to its consumer app in May, when it also outlined plans for tokenized deposits, cross-border transfers, and additional institutional integrations.
SoFi Crypto now supports trading in more than 40 cryptocurrencies, according to the company. In September, SoFi also began settling card transactions using SoFiUSD on Mastercard's global payments network, a program the firm said at the time is expected to exceed $25 billion in annualized volume.
Source: The Block
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