SoFi launches tokenized deposit with 4.40% yield and stablecoin conversion

SoFi announced SoFi Earn on Thursday, calling the product the first consumer tokenized deposit issued by a national bank. The product uses the ticker SOFIE and pays holders a 4.40% annual percentage yield. Each SOFIE token represents $1 deposited at SoFi Bank. The deposited funds receive Federal Deposit Insurance Corporation insurance up to applicable limits.

Members can exchange SOFIE one-to-one for SoFiUSD, the bank's stablecoin. Members can then use SoFiUSD to purchase crypto through SoFi's app or transfer dollars over blockchains at any time. Many stablecoins offer neither interest nor deposit insurance, despite becoming popular places to hold digital dollars.

SoFi cited Federal Reserve research estimating that forgotten or inactive wallets hold roughly $64 billion, about 21% of the stablecoin market. SoFi is promoting SOFIE as a way for inactive digital dollars to earn interest until customers spend the money. CEO Anthony Noto said too much money remains inactive within the digital asset ecosystem. Noto said the product joins bank-deposit earnings and protections with digital assets' speed and usefulness.

SoFi Earn is the company's fifth crypto product introduced in less than a year. SoFi resumed crypto trading in late 2025 after withdrawing from the business years earlier. SoFi became the first nationally chartered U.S. bank to provide consumer crypto trading. Members can now trade more than 40 tokens.

SoFi subsequently launched SoFiUSD on Ethereum and Solana, making SoFiUSD the first stablecoin issued by a U.S. national bank. SoFiUSD now settles all transactions in SoFi's card program through Mastercard's network. SoFi previously introduced business banking for digital assets and a stablecoin arrangement involving crypto exchange Kraken. Banks and fintech companies are competing to incorporate blockchain-based dollars into regulated products. SoFi is betting that consumers want deposit interest and insurance alongside stablecoin-style transfers.