SoFi launches SOFIE tokenized bank deposit product

SoFi has introduced SoFi Earn (SOFIE), a tokenized bank deposit designed to provide a secure environment for idle digital assets such as stablecoins. Launched on October 22, the product offers a 4.40% APY and includes FDIC protection.

Each SOFIE token represents $1 held in a deposit at SoFi Bank. For on-chain utility, users can swap the token at a one-to-one rate for SoFiUSD, the company’s stablecoin. Chief Executive Anthony Noto stated that the product aims to combine the protections of a bank deposit with the speed and utility of digital assets.

This launch marks the fifth crypto-related product released by SoFi in less than a year. The company previously resumed retail crypto trading in late 2025, positioning itself as a U.S. bank with a national charter serving retail crypto customers. SoFiUSD is currently issued on the Ethereum and Solana blockchains.