SoFi offers interest-bearing, FDIC-insured tokenized deposit to crypto users
SoFi brings bank deposits to crypto use
SoFi Technologies has launched SoFi Earn (SOFIE), an interest-bearing tokenized deposit. A tokenized deposit is a digital representation of a bank deposit recorded on a shared digital system. According to SoFi, it is the first time a U.S. national bank has offered tokenized deposits directly to individual customers.
Each SOFIE is worth $1 on deposit at SoFi Bank. Members can access it through SoFi Crypto, earn interest until they convert it, and then convert SOFIE into the SoFiUSD stablecoin at a 1:1 rate to buy cryptocurrencies or transfer funds to a supported external wallet 24/7. A stablecoin is a digital token designed to keep a stable value, often linked to the U.S. dollar.
Yield and protections
- Yield: SOFIE offers a 4.4% annual percentage yield.
- Deposit insurance: The deposit is covered by Federal Deposit Insurance Corporation (FDIC) insurance within applicable limits.
- Stablecoin note: SoFiUSD is not an FDIC-insured deposit.
What SoFi says
SoFi CEO Anthony Noto said the goal is to allow money to keep working until needed, combining the earning power and protections of a bank deposit with the speed and utility of digital assets.
Timeline and related steps
SoFi expects to finish rolling out SOFIE to its crypto members in November. The launch builds on previous steps from the company, including consumer crypto trading in November 2025, the launch of SoFiUSD a month later, and the rollout of SoFiUSD to the banking app in May 2026. In September, SoFi began settling card transactions using SoFiUSD on Mastercard's network, with that card program expected to exceed $25 billion in annualized volume. SoFi Crypto currently supports trading in more than 40 cryptocurrencies.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.