TL;DR
SoFi launched SoFi Earn (SOFIE), a tokenized bank deposit paying 4.40% APY with FDIC insurance up to applicable limits while funds remain in the deposit.
Members can convert SOFIE 1:1 into SoFiUSD to buy crypto or transfer funds onchain, but SoFiUSD and other digital assets are not FDIC insured.
SOFIE is rolling out to SoFi Crypto members through November, adding a new interest-bearing deposit layer to SoFi’s digital-money ecosystem.
SoFi launched SoFi Earn (SOFIE), an interest-bearing tokenized deposit for consumers that pays 4.40% APY while funds remain eligible for FDIC insurance within applicable limits. In its official announcement , the company said each SOFIE represents $1 held on deposit at SoFi Bank. SOFIE combines a bank deposit with digital-asset access, but it is not itself a payment stablecoin. The product sits alongside stablecoins within SoFi’s digital-money ecosystem.
SoFi Connects Interest-Bearing Deposits With Crypto Access
SOFIE earns 4.40% APY, with the rate variable and subject to change, and requires no minimum balance. Funds represented by SOFIE qualify for FDIC insurance up to $250,000 per depositor, per insured bank, for each ownership category under deposit-insurance rules. The insurance applies to the tokenized bank deposit, not to other digital assets held through SoFi Crypto. That distinction is central as banks expand blockchain-based deposit products .
Members can convert SOFIE into SoFiUSD at a 1:1 rate when they want to buy crypto or move funds over blockchain rails. SoFiUSD can then be used inside the app or sent to supported external wallets 24/7. Conversion changes the product from an insured deposit into a digital asset used for payments and crypto activity. The structure extends SoFi’s retail rollout of SoFiUSD by adding an interest-bearing deposit layer before funds move onchain.
SoFi positioned the product as a way to keep money earning interest while users wait to deploy it. The company gave the example of a customer holding $5,000 ahead of a future crypto purchase, earning the applicable APY until converting the balance. The model separates earning on a regulated bank liability from spending or trading through a stablecoin. That separation differs from payment stablecoins, where reserve and yield rules determine how issuers can structure backing and returns.
The launch is rolling out to SoFi Crypto members through November rather than becoming available to every user immediately. SoFi said the product is its fifth new crypto offering in less than a year and forms part of a wider strategy connecting banking with blockchain-based settlement. The development is a consumer tokenized deposit with yield and deposit insurance, not an FDIC-insured stablecoin. That distinction matters because SoFi’s disclosures state that digital assets other than SOFIE are not FDIC insured, bank guaranteed or protected against loss.
