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Institutions & ETFs · 1 min read

SoFi Launches Tokenized Deposit Yielding 4.40% for Retail Customers

SoFi Earn provides FDIC-insured tokenized bank deposits that convert 1:1 into the bank's SoFiUSD stablecoin.

Editorial oversight: Julian Mercer, Chief Editor
Bullish
$BTC $81,560 −3.4% $ETH $2,395 −4.5%

At a glance In effect

What happened
SoFi introduced SoFi Earn, a tokenized retail deposit yielding 4.40% APY that converts into SoFiUSD stablecoins [1].
Why it matters
The product introduces federally insured, interest-bearing bank balances directly into digital asset rails, challenging yieldless stablecoins [1].
Who is affected
SoFi retail crypto users and depositors at SoFi Bank [1].
Takes effect
2026-10-22
What's next
Rollout of the product to SoFi Crypto account holders runs through November 2026 [1].
Primary source
investors.sofi.com: SoFi Launches SoFi Earn (SOFIE), the First and Only National Bank-Issued Tokenized Deposit for Consumers

Key points

  • SoFi debuted SoFi Earn (SOFIE), an FDIC-insured consumer tokenized deposit paying a 4.40% variable APY 1.
  • Balances convert 1:1 into SoFiUSD stablecoins for onchain transactions or cryptocurrency purchases 1.
  • Rollout across SoFi's 15.8 million user base extends through November 2026 1.

SoFi Technologies launched SoFi Earn (SOFIE) on Oct. 22, introducing a consumer-facing tokenized deposit issued by a national bank 1. The product offers a 4.40% annual percentage yield backed by FDIC insurance up to the standard $250,000 threshold 1.

Each SOFIE unit represents $1 deposited at SoFi Bank, N.A., an institution chartered under the Office of the Comptroller of the Currency 1. Depositors can convert SOFIE at parity into SoFiUSD, the bank's proprietary stablecoin launched in December 2025 1. Users can then transfer SoFiUSD onto external blockchain networks around the clock or use the balances to trade digital assets, such as $BTC or $ETH, directly inside the SoFi application 1. At the time of writing, $BTC traded at $81,527, down 3.2% over 24 hours, amid broader market contraction.

Bridging Banking and Stablecoin Liquidity

The product aims to capture returns on idle balances within digital asset ecosystems 1. Citing Federal Reserve research, SoFi stated that approximately $64 billion—representing 21.2% of the aggregate stablecoin supply—sits unutilized in inactive wallets without yielding interest or carrying deposit protection 1. By structuring SOFIE as a deposit liability rather than a payment stablecoin, the bank provides interest accrual alongside federal deposit guarantees, diverging from conventional dollar-pegged tokens 1.

The initiative follows wider industry efforts to merge traditional balance sheets with onchain rails, mirroring developments such as Jack Henry's integration of tokenized deposits for regional lenders. SoFi previously enabled retail cryptocurrency trading across more than 40 assets in November 2025 and introduced an enterprise banking suite earlier in 2026 1. SoFiUSD already handles transaction settlements for SoFi's credit card portfolio across Mastercard's payments network 1.

SoFi is rolling out SOFIE to its SoFi Crypto customer base through November 2026 1.

Questions this story raises

Is SoFi Earn a stablecoin?
No. SOFIE is a tokenized bank deposit representing a deposit liability of SoFi Bank, N.A., making it eligible for FDIC insurance up to $250,000, unlike payment stablecoins [1].
How does SOFIE interact with crypto trading?
Users can hold SOFIE to earn 4.40% APY and convert funds 1:1 into SoFiUSD whenever they want to trade crypto or transfer funds onchain [1].

Sources

  1. [1] SoFi Launches SoFi Earn (SOFIE), the First and Only National Bank-Issued Tokenized Deposit for Consumers — investors.sofi.com, October 22, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

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Not financial advice. Basis Desk publishes information, not recommendations. Crypto assets are volatile and you can lose what you invest.