SoFi Launches an FDIC-Insured Tokenized Deposit Paying 4.40% for Crypto Customers

SoFi Technologies has launched SoFi Earn, or SOFIE, which the company calls the first tokenized deposit offered to consumers by a U.S. national bank.

How it works

According to SoFi's announcement, each SOFIE represents $1 held on deposit at SoFi Bank and earns a variable 4.40% annual percentage yield. Funds are covered by FDIC insurance up to the usual limits. Customers access SOFIE through their SoFi Crypto account and can convert it one-for-one into SoFiUSD, the bank's stablecoin, to buy crypto in the app or send funds to supported external wallets at any hour.

SoFi notes that the interest and FDIC protection apply to SOFIE only. SoFiUSD is not FDIC-insured, and SoFi says SOFIE itself is not a payment stablecoin. The Block reported that the rollout to SoFi's crypto customers should be completed in November.

"We believe your money should keep working for you until the moment you need it," CEO Anthony Noto said in the release.

Part of a wider push

SoFi says this is its fifth crypto product in less than a year. It began offering crypto trading in November 2025 and launched SoFiUSD in December 2025. The company says SoFiUSD already settles its card program over Mastercard's network.

Why it matters

Most stablecoins do not pay holders interest. Tokenized deposits give banks a way to offer yield on digital dollars inside existing deposit rules, and the launch comes as regulators finalize stablecoin rules under the GENIUS Act. Rates are variable and can change at any time.