SoFi has launched SoFi Earn (SOFIE), a consumer tokenized deposit offering a variable 4.40% annual percentage yield. The company announced the product on October 22, calling it the first such offering from a U.S. national bank.
Each SOFIE represents $1 deposited at SoFi Bank. Eligible funds qualify for FDIC coverage up to $250,000 per depositor, per insured bank, for each account ownership category, subject to the agency’s rules.
Customers can convert SOFIE one-to-one into SoFiUSD to buy crypto in the SoFi app or send funds to supported external wallets around the clock. SOFIE is a deposit rather than a payment stablecoin; SoFiUSD and other crypto assets are not FDIC-insured.
The rollout to SoFi Crypto members is underway and will continue through November. There is no minimum balance requirement, but the advertised APY can change and fees may reduce earnings.
The launch builds on SoFi’s stablecoin launch in December 2025. SOFIE adds an interest-bearing deposit account alongside that payment product, allowing customers to earn on funds before converting them for crypto purchases or blockchain transfers.
