SoFi Launches SOFIE Tokenised Deposit Paying 4.40%

SoFi has launched SoFi Earn, or SOFIE, a digital token that represents a deposit at SoFi Bank and pays a variable 4.40% annual percentage yield, SoFi Technologies said on Thursday. Each SOFIE stands for $1 on deposit, covered by FDIC insurance up to the usual limits, and can be converted one-for-one into SoFiUSD, the stablecoin SoFi launched in December, to buy crypto or send money over blockchain networks.

SoFi calls SOFIE “the first and only national bank-issued tokenized deposit for consumers”. That claim is SoFi’s own. The product is rolling out to SoFi Crypto members now through November, and SoFi describes it as its fifth new crypto offering in less than a year.

The deposit earns interest; the stablecoin does not

SoFi’s pitch is that money waiting to be spent on crypto should earn something. It cites Federal Reserve research estimating that “approximately $64 billion, or 21.2% of the stablecoin market, sits idle in rarely used, forgotten or inactive wallets”, and says many stablecoins pay no interest and lack FDIC insurance.

“Too much money in the digital asset ecosystem is sitting idle, leaving massive potential earnings on the table for millions of people,” said chief executive Anthony Noto. “SoFi Earn combines the earning power and protections of a bank deposit with the speed and utility of digital assets.”

The two tokens sit on different sides of a line. SoFi’s disclosures say SOFIE “is a tokenized deposit representing a deposit liability of SoFi Bank, N.A.” and “is not a payment stablecoin”. Everything else in SoFi Crypto, including SoFiUSD, is “NOT FDIC INSURED”, is not bank guaranteed and “MAY LOSE VALUE”, the release says. In SoFi’s own example, a member saving $5,000 for a future crypto purchase holds it as SOFIE, earns interest while waiting, and converts to SoFiUSD when ready to buy or move it.

The rate sheet sets out the fine print

SoFi’s tokenised deposit rate sheet, effective 20 October, gives an interest rate of 4.31368%, which compounds monthly to the 4.40% APY. Interest accrues daily on the end-of-day balance and is credited monthly. There is no minimum balance, though the release says fees “may reduce earnings” without listing any.

The rate can move at any time. The sheet says it “may change at any time at SoFi Bank’s discretion” and that “there is no limit on the amount or frequency of any change”.

Insurance has limits of its own. SOFIE balances are “not currently eligible for and will not be placed in the SoFi Insured Deposit Program”, the sheet says, and for FDIC purposes they are added to any other deposits a customer holds at SoFi Bank in the same ownership category. The release puts the cap at $250,000 per depositor, per insured bank, per ownership category.

Consumers get what banks have offered institutions

The significance of SOFIE lies less in the yield than in who can hold it. By comparison, JPMorgan’s JPMD deposit token, which now runs on Ethereum, is available only to approved clients. SoFi is putting the same idea in a consumer app, inside an account its members already use for crypto trading.

The design also keeps two products apart. Yield and deposit insurance stay with SOFIE; speed and the ability to leave the bank come with SoFiUSD, which carries neither. Members who convert are moving from a bank deposit to an uninsured digital asset, and the release spells out that difference in its disclosures, not in its headline. That split comes as stablecoin rules take shape: the OCC has finalised its GENIUS Act rule for stablecoin issuers, and crypto platforms such as Base have built tools for apps to offer stablecoin yield by other routes.

The 4.40% headline rate is also a snapshot. SoFi gives it “as of 10/20/26” and reserves the right to change it without limit, so the number customers see next month may differ.