SoFi launches FDIC-insured tokenized deposit product

SoFi Technologies has introduced SoFi Earn (SOFIE), a tokenized deposit product designed for crypto users. Each SOFIE token represents a $1 deposit held at SoFi Bank, N.A., and offers a variable 4.40% annual percentage yield (APY) as of late October 2026.

Unlike standard stablecoins, SOFIE is structured as a bank deposit liability, making it eligible for FDIC insurance up to applicable limits. This design allows users to earn interest on digital dollars while maintaining the ability to convert SOFIE one-to-one into SoFiUSD, the company’s existing stablecoin, for 24/7 cryptocurrency purchases or blockchain transfers.

The dual-token approach follows the GENIUS Act, which prohibits payment stablecoin issuers from paying interest directly to holders. By separating the interest-bearing deposit (SOFIE) from the payment stablecoin (SoFiUSD), SoFi aims to capture capital that typically sits idle in digital asset wallets. The product rollout for SoFi Crypto members is expected to continue through November.