SoFi launches SOFIE, a tokenized bank deposit paying 4.40% APY

24 Oct 2026

24 Oct 2026, 02:42 UTC+02:00

A US bank is offering what most stablecoins cannot: interest and deposit insurance. SoFi on Thursday launched SoFi Earn, trading under the ticker SOFIE, which it describes as the first tokenized deposit for consumers issued by a national bank.

How SOFIE works

Each SOFIE token represents $1 on deposit at SoFi Bank. Holders earn a 4.40% annual percentage yield, and the funds are FDIC insured up to applicable limits. When customers want to use the money, they can convert SOFIE one to one into SoFiUSD, the bank’s stablecoin, and then buy crypto in the SoFi app or move dollars over blockchain rails around the clock.

SoFi is targeting idle digital dollars. It cited Federal Reserve research estimating that about $64 billion, roughly 21% of the stablecoin market, sits in forgotten or inactive wallets. “Too much money in the digital asset ecosystem is sitting idle,” CEO Anthony Noto said, describing the product as combining “the earning power and protections of a bank deposit with the speed and utility of digital assets.”

SoFi’s crypto build-out

SOFIE is SoFi’s fifth crypto product in under a year. The company returned to crypto trading in late 2025, becoming the first nationally chartered US bank to offer it to consumers, with more than 40 tokens now available. It then launched SoFiUSD on Ethereum and Solana, which settles its whole card program over Mastercard’s network, and added business banking for digital assets plus a stablecoin tie-up involving Kraken.

Why it matters

US rules under the GENIUS Act restrict stablecoin issuers from paying interest directly to holders. A tokenized deposit is legally a bank deposit, so it can pay interest and carry insurance. That makes products like SOFIE a direct competitor to stablecoins held for parking cash.

What it means for traders

• Idle cash can earn: compare bank deposit token yields with exchange earn products, remembering that exchange balances are not FDIC insured.
• US only for now: SOFIE is for SoFi customers.
• Check stablecoin support: see which exchanges handle which stablecoins in our exchange comparison, including our Kraken review.

Related reviews

• Kraken review

Sources

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

News is for information only and is not financial advice. More crypto news