SoFi Technologies has introduced SoFi Earn, a tokenized deposit product trading under the ticker SOFIE, according to The Block. The product offers a 4.4% annual percentage yield and is covered by Federal Deposit Insurance Corporation insurance within applicable limits. SoFi said the launch marks the first time a U.S. national bank has offered tokenized deposits directly to retail customers.
Each SOFIE token represents $1 on deposit at SoFi Bank. Members can convert SOFIE 1:1 into the stablecoin SoFiUSD through SoFi Crypto, then use those funds to buy cryptocurrencies or move them at any time to supported external wallets. SoFi said deposits continue earning interest until conversion. Once converted, however, SoFiUSD is not an FDIC-insured deposit, in line with other stablecoins.
The company expects a full rollout to crypto members in November. SoFi said it launched consumer crypto trading in November 2025, later introduced SoFiUSD, and added it to its consumer app in May this year. SoFi Crypto currently supports trading in more than 40 digital assets. CEO Anthony Noto said the goal is to let customer funds keep generating yield before they are used, while combining the yield and protections of bank deposits with the speed and utility of digital assets.
SoFi Technologies has launched SoFi Earn, a tokenized deposit product under the ticker SOFIE, according to The Block. The product carries a 4.4% annual percentage yield and is covered by Federal Deposit Insurance Corporation insurance within applicable limits.
SOFIE represents deposits held at SoFi Bank
SoFi said the launch is the first time a U.S. national bank has offered tokenized deposits directly to retail customers. Each SOFIE token represents $1 deposited at SoFi Bank. Through SoFi Crypto, members can convert SOFIE into the stablecoin SoFiUSD on a 1:1 basis, then use it to purchase cryptocurrencies or transfer it around the clock to supported external wallets.
The company said deposits continue to earn interest until they are converted. After conversion, SoFiUSD is not an FDIC-insured deposit, the same treatment applied to other stablecoins.
Full rollout expected in November
SoFi expects to complete a full rollout to crypto members in November. The company said it launched consumer crypto trading in November 2025, later rolled out SoFiUSD, and integrated it into its consumer app in May this year. SoFi Crypto currently supports trading in more than 40 crypto assets.
CEO Anthony Noto said the company wants funds to keep generating yield before they are used, combining the yield and protections of bank deposits with the speed and utility of digital assets.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
