SoFi launches FDIC-insured tokenized deposit with 4.4% APY

SoFi Technologies has introduced SoFi Earn (SOFIE), a tokenized deposit for individual customers offering a 4.4% annual percentage yield and Federal Deposit Insurance Corporation insurance. SoFi said the launch marks the first offering of tokenized deposits to individuals by a U.S. national bank. Each SOFIE represents $1 deposited with SoFi Bank.

SoFi explained in a Thursday statement that members can use SoFi Crypto to access the account. SoFi said members can exchange SOFIE for the SoFiUSD stablecoin at a 1:1 rate to purchase cryptocurrencies or transfer funds to supported external wallets, 24/7. SOFIE continues to accrue interest until conversion, and FDIC coverage applies within the relevant limits. However, SoFiUSD, like other stablecoins, does not qualify as an FDIC-insured deposit. SoFi expects to finish making SOFIE available to SoFi's crypto members in November.

SoFi CEO Anthony Noto said idle funds across the digital asset ecosystem leave millions of people missing potential earnings. Noto argued that money should continue earning until customers need to use the money. Noto said SoFi Earn pairs bank-deposit earnings and protections with digital assets' speed and usefulness, providing customers greater value, flexibility and control.

SoFi introduced crypto trading for consumers in November 2025. SoFi launched SoFiUSD a month later. SoFi added SoFiUSD to the consumer app in May. SoFi also presented plans in May for tokenized deposits, cross-border transfers and further institutional integrations. SoFi said SoFi Crypto currently offers trading in more than 40 cryptocurrencies.

SoFi began using SoFiUSD to settle card transactions through Mastercard's worldwide payments network in September. SoFi said at the time that the card program was expected to surpass $25 billion in annualized volume. SoFi also introduced Big Business Banking earlier this year, allowing companies to manage fiat and crypto together through one regulated platform.