SoFi launches SOFIE, a tokenized deposit paying 4.4%

SoFi has launched SoFi Earn, a tokenized bank deposit that trades under the ticker SOFIE, pays a 4.40% annual percentage yield and is FDIC-insured up to the usual limits, Decrypt reported on Thursday. The US bank calls it the first tokenized deposit issued by a national bank for consumers.

How SOFIE works

• Each SOFIE token stands for $1 held on deposit at SoFi Bank.
• Holders earn 4.40% APY while the money sits in the token.
• When customers want to spend or invest, they can swap SOFIE one-to-one into SoFiUSD, SoFi's own stablecoin, and use it to buy crypto in the SoFi app or send dollars over blockchain rails at any hour.

The design splits two jobs that a typical stablecoin tries to do at once: SOFIE is the savings layer that earns interest and carries deposit insurance, while SoFiUSD is the payment layer that moves freely. Our explainer on what a stablecoin is covers why most dollar tokens pay holders nothing.

The pitch: idle digital dollars

SoFi pointed to Federal Reserve research estimating that about $64 billion, roughly 21% of the stablecoin market, sits idle in forgotten or inactive wallets. "Too much money in the digital asset ecosystem is sitting idle," CEO Anthony Noto said, describing SOFIE as a mix of a bank deposit's earnings and protections with the speed of digital assets.

That gap exists partly by design. Under the US GENIUS Act, payment stablecoin issuers may not pay interest to holders, and regulators are still writing the detailed rules — the OCC recently finalised its first GENIUS Act stablecoin rule ahead of the law taking effect on January 18, 2027. A tokenized deposit is a different legal animal: it is a bank liability, so it can earn interest and sit under deposit insurance.

SoFi's fast crypto build-out

SOFIE is SoFi's fifth crypto product in less than a year. The bank returned to crypto trading in late 2025, becoming the first nationally chartered US bank to offer it to consumers, and now lists more than 40 tokens. It then launched SoFiUSD, which it describes as the first stablecoin issued by a US national bank; it runs on Ethereum and Solana and settles SoFi's card programme over Mastercard's network. SoFi has also added business banking for digital-asset firms and a stablecoin tie-up involving Kraken.