SoFi launches SOFIE, a tokenized bank deposit paying 4.40% for crypto cash
San Francisco's SoFi launched SoFi Earn (SOFIE), which it calls the first national bank-issued tokenized deposit for consumers. It pays a 4.40% variable APY and is FDIC-insured.
By the Bay Area Brief staff · Edited by Seamus McKenna · · 2 min read
Oakland skyline across Lake Merritt. Photo: Daniel Ramirez / Wikimedia Commons, CC BY 2.0 (cropped, resized and color-graded). Archive photo of the area; not a photo of the events in this story.
San Francisco-based SoFi launched SoFi Earn, or SOFIE, on Thursday, Oct. 22. The company calls it the first and only tokenized deposit issued by a national bank to consumers.
Why it matters: Under the GENIUS Act, stablecoin issuers can't pay interest. A tokenized bank deposit can, which gives crypto holders an interest-paying, FDIC-insured place to keep idle cash.
How it works
A 4.40% variable APY (the rate as of Oct. 20, 2026).
FDIC-insured up to $250,000.
Converts 1:1 into SoFiUSD, SoFi's stablecoin.
Rolling out to SoFi Crypto members through November.
The pitch
"Too much money in the digital asset ecosystem is sitting idle," CEO Anthony Noto said. Reuters reported that this is SoFi's fifth crypto product in less than a year.
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