SoFi Launches SOFIE Tokenized Deposit with 4.4% APY

SoFi announced the launch of SoFi Earn, or SOFIE, on Thursday. The company describes the product as the first national bank-issued tokenized deposit for consumers. Each SOFIE token represents one dollar held on deposit at SoFi Bank. Holders of the token earn a 4.40% annual percentage yield. The funds are FDIC-insured up to applicable limits, specifically $250,000 per depositor, per insured bank.

The product targets idle digital dollars by providing interest and insurance that stablecoins lack. SoFi stated it is giving customers a way to earn bank-grade interest on digital dollars without giving up the speed of crypto. Members can convert SOFIE one-to-one into SoFiUSD to buy crypto or move dollars over blockchain rails. SoFiUSD, the first stablecoin issued by a U.S. national bank, carries no FDIC insurance.

SoFi cited Federal Reserve research estimating that roughly $64 billion, or about 21% of the stablecoin market, sits idle. CEO Anthony Noto stated that too much money in the digital asset ecosystem is sitting idle. SoFi Earn is the fifth crypto product the company has rolled out in under a year. SoFi returned to crypto trading in late 2025 after exiting the business years earlier. The US Office of the Comptroller of the Currency issued a final rule covering payment stablecoin issuance on Wednesday.

SOFIE is rolling out to SoFi Crypto members through November. SoFi planned to introduce interest-bearing tokenized deposits when it made SoFiUSD available through its consumer banking app.