SoFi launches interest-bearing tokenized deposit SoFi Earn

BlockBeats news, October 22: U.S. fintech company SoFi Technologies announced the launch of SoFi Earn, product code SOFIE, an interest-bearing tokenized deposit with an annualized yield of 4.4%, insured by the U.S. Federal Deposit Insurance Corporation (FDIC) within applicable limits. SoFi stated that this is the first time a U.S. national bank has directly offered tokenized deposits to individual customers. Each SOFIE corresponds to $1 of deposits at SoFi Bank, and members can redeem it 1:1 for the stablecoin SoFiUSD through SoFi Crypto, to purchase cryptocurrencies or transfer around the clock to supported external wallets. Deposits continue to accrue interest before redemption, while SoFiUSD, like other stablecoins, is not an FDIC-insured deposit.

SoFi expects to complete the full rollout to crypto members in November. The company launched consumer-facing crypto trading in November 2025, subsequently launched SoFiUSD, and integrated it into the consumer app in May of this year. SoFi Crypto currently supports trading of over 40 crypto assets. CEO Anthony Noto said he wants funds to continue generating yield before they are used, combining the yield and protection of bank deposits with the speed and utility of digital assets.