SoFi has launched a tokenised deposit that pays interest and can be swapped into a stablecoin, aiming at a gap between bank accounts and crypto.
The product, SoFi Earn, carries the symbol SOFIE. SoFi describes it as the first tokenised deposit issued to consumers by a US national bank.
How it works
Each SOFIE token represents $1 held on deposit at SoFi Bank. Holders earn 4.40% APY, and the money is FDIC-insured up to the usual limits.
Members can convert SOFIE one-to-one into SoFiUSD, SoFi’s stablecoin, at any time. That lets them buy crypto in the SoFi app or move dollars over blockchain rails.
That sets it apart from most stablecoins, which typically pay no interest to holders and are not covered by deposit insurance.
Why SoFi built it
SoFi points to Federal Reserve research estimating that about $64 billion, roughly 21% of the stablecoin market, is sitting idle in forgotten or inactive wallets.
“Too much money in the digital asset ecosystem is sitting idle,” said chief executive Anthony Noto.
Part of a wider crypto push
SoFi Earn is SoFi’s fifth crypto product in less than a year. The company returned to crypto trading in late 2025 and now offers more than 40 tokens.
SoFiUSD launched on Ethereum and Solana and is used to settle SoFi’s card programme over Mastercard’s network.
What happens next
SoFi Earn is a direct challenge to stablecoins that pay holders nothing. The test is how much money SoFi members move into it, and whether the 4.40% rate holds if interest rates fall.
