SoFi Technologies launched SoFi Earn, a tokenized bank deposit paying a variable 4.40% APY that can be swapped one-for-one into its SoFiUSD stablecoin. Each SOFIE token represents $1 deposited at SoFi Bank, and the company pitches it as a way to put idle digital dollars to work, citing Fed research that puts about $64 billion, or 21.2% of the stablecoin market, in rarely used wallets. The launch follows the OCC's finalized GENIUS Act rule that keeps the ban on issuers paying interest directly, since SOFIE's interest is paid on the bank deposit instead. SoFi calls it the first national bank-issued tokenized deposit for consumers, while JPMorgan's JPM Coin deposit token is limited to institutional clients. SOFIE is rolling out to SoFi Crypto members through November.
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- SoFi Launches Tokenized Deposit That Earns 4.4% and Converts to a Stablecoin
SoFi has launched SoFi Earn (SOFIE), which it calls the first national bank-issued tokenized deposit for consumers, with each token representing $1 held at SoFi Bank. Holders earn a 4.40% APY, and the funds are FDIC-insured up to applicable limits, unlike most stablecoins, while tokens can be converted one-to-one into SoFiUSD to buy crypto or move dollars on blockchain rails. Citing Federal Reserve research, SoFi says roughly $64 billion, about 21% of the stablecoin market, sits idle in forgotten or inactive wallets, and the product aims to keep that money earning. It is SoFi's fifth crypto product in under a year, following its late-2025 return to crypto trading with more than 40 tokens and the launch of SoFiUSD.
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