SoFi Bank has launched SoFi Earn (SOFIE), a tokenized deposit for its crypto customers. It pays a variable 4.40% APY with FDIC insurance, and can be converted 1:1 into SoFi’s stablecoin, SoFiUSD.
SoFi announced the product on 22 October. It is rolling out to SoFi Crypto members now, with the rollout expected to finish in November.
SoFi says it is the first US national bank to offer tokenized deposits directly to individual customers.
How SOFIE works
Each SOFIE represents $1 on deposit at SoFi Bank, N.A. The key terms, according to SoFi’s press release:
- Yield: 4.40% APY, as of 20 October. The rate is variable and can change at any time.
- Insurance: FDIC coverage up to $250,000 per depositor, per insured bank, per ownership category
- Minimum balance: none, though fees may reduce earnings
- Conversion: SOFIE converts 1:1 into SoFiUSD
The deposit keeps earning interest until it is converted. Once in SoFiUSD, members can buy crypto in the SoFi app or move funds 24/7 to a supported external wallet.
SoFi hasn’t said which blockchain SOFIE runs on. Its release refers only to “blockchain rails.”
SOFIE vs SoFiUSD
The two products sit side by side in the SoFi app, but they are legally different.
SOFIE is a bank deposit. It earns interest and carries FDIC insurance. SoFi’s release states that SOFIE “is not a payment stablecoin.”
SoFiUSD is a stablecoin. Like other stablecoins, it is not an FDIC-insured deposit.
The distinction ties to US stablecoin rules. The GENIUS Act bars payment stablecoin issuers from paying interest or yield to holders. On 21 October, the Office of the Comptroller of the Currency finalized its rule implementing the law and kept that ban in place.
What SoFi’s CEO said
SoFi CEO Anthony Noto said: “Too much money in the digital asset ecosystem is sitting idle.”
He added: “We believe your money should keep working for you until the moment you need it.”
Noto described the product as one that “combines the earning power and protections of a bank deposit with the speed and utility of digital assets.”
SoFi’s crypto push so far
SOFIE is the latest step in a series of crypto launches at SoFi:
- November 2025: consumer crypto trading launched
- December 2025: SoFiUSD launched, which SoFi calls the first stablecoin issued by a US national bank
- May 2026: SoFiUSD added to the consumer banking app, along with plans for tokenized deposits and cross-border transfers
- September 2026: SoFi began settling card transactions in SoFiUSD on Mastercard’s network, a program it expects to pass $25B in annualized volume
The Block also reports SoFi launched Big Business Banking in April 2026, combining fiat and crypto services for businesses on one platform. SoFi Crypto supports trading in more than 40 cryptocurrencies.
