- SoFi launched SoFi Earn (SOFIE), a tokenized deposit product that pays 4.40% APY with FDIC insurance.
- Each SOFIE token represents $1 held at SoFi Bank, and holders can convert it one-to-one into the SoFiUSD stablecoin for spending.
- The launch marks SoFi’s fifth crypto product in under a year, following its return to crypto trading and the release of its bank-issued stablecoin.
SoFi launched SoFi Earn on Thursday, a tokenized deposit product that lets consumers earn 4.40% annual percentage yield on digital dollars while keeping blockchain speed. The product trades under ticker SOFIE, with each token representing $1 held on deposit at SoFi Bank, marking what the company calls the first national bank-issued tokenized deposit for consumers.
Holders’ funds are FDIC-insured up to applicable limits, a key distinction from ordinary stablecoins. When members want to deploy the money, they can convert SOFIE one-to-one into SoFiUSD, the bank’s stablecoin, and use it to buy crypto in the SoFi app or move dollars over blockchain rails around the clock.
SoFi cited Federal Reserve research estimating that roughly $64 billion, or about 21% of the stablecoin market, sits idle in forgotten or inactive wallets. The company is pitching SOFIE as a way to keep that money earning until the moment it’s spent.
CEO Anthony Noto said in a statement: “Too much money in the digital asset ecosystem is sitting idle,” arguing the product combines “the earning power and protections of a bank deposit with the speed and utility of digital assets.”
SoFi Earn is the fifth crypto product the company has rolled out in under a year, part of an aggressive build-out of its digital-money ecosystem. SoFi returned to crypto trading in late 2025 after exiting the business years earlier, becoming the first nationally chartered U.S. bank to offer it to consumers.
The company followed with SoFiUSD, the first stablecoin issued by a U.S. national bank, launched across Ethereum and Solana and now used to settle SoFi’s entire card program over Mastercard‘s network. The move follows its earlier launch of business banking for digital assets and a stablecoin tie-up involving cryptocurrency exchange Kraken.
By wrapping a yield-bearing, insured deposit in a token that moves like a stablecoin, SoFi is betting consumers want both at once.
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