[CLSTR]
< Back to situations

Monitor this situation.

[SITUATION] · [ACTIVE] · [BUSINESS]

2 clusters · 17 sources · 3 days · First seen · Last updated

SoFi launch of SOFIE tokenized deposit product

Overview

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

Structured as a bank deposit liability rather than a standard stablecoin, the product is eligible for FDIC insurance up to applicable limits. To facilitate blockchain utility, users can convert SOFIE at a one-to-one rate into SoFiUSD, the company’s existing stablecoin issued on the Ethereum and Solana blockchains.

This dual-token strategy is intended to comply with the GENIUS Act, which prohibits payment stablecoin issuers from paying interest directly to holders. By separating interest-bearing deposits from payment stablecoins, SoFi aims to provide the protections of a bank deposit alongside the speed of digital assets.

Entities

SoFi Bank · Anthony Noto · Mastercard · SoFi · SoFi Bank, N.A.

Timeline

  1. [BUSINESS] 3 sources
    SoFi launches SOFIE tokenized bank deposit product

    SoFi has launched SoFi Earn (SOFIE), a tokenized bank deposit offering 4.40% APY and FDIC protection for digital assets.

  2. [BUSINESS] 12 sources
    SoFi launches FDIC-insured tokenized deposit product

    SoFi has launched SoFi Earn (SOFIE), a tokenized deposit offering 4.40% APY and FDIC insurance, which can be converted 1:1 into the SoFiUSD stablecoin for blockchain transactions.

Sources

altcoinbuzz.io · bitnewsbot.com · blockchainreporter.net · blockchainseoul.kr · blocktempo.com · btcnews.com · coindeskjapan.com · coindoo.com · crypto.news · cryptobriefing.com · cryptonomist.ch · ethnews.com · insidebitcoins.com · mycryptoparadise.com · rande-academy.cz · tokenpost.com · valuewalk.com