TLDR
- SoFi Technologies (SOFI) launched SoFi Earn (SOFIE) on Thursday, a tokenized deposit paying a variable 4.40% APY.
- Each SOFIE token equals $1 at SoFi Bank, with FDIC coverage up to $250,000 and no minimum balance.
- SOFIE converts one-for-one into SoFiUSD to buy crypto or move funds to outside wallets. SoFiUSD has no FDIC insurance.
- The rollout to SoFi Crypto members runs through November.
- SoFi calls it its fifth crypto-related launch in under a year.
SoFi Technologies (SOFI) rolled out SoFi Earn, called SOFIE, on Thursday. The tokenized deposit pays a variable 4.40% annual percentage yield.
Each SOFIE token stands for $1 held at SoFi Bank, N.A. There is no minimum balance.
SoFi says it is the first consumer tokenized deposit issued by a nationally chartered U.S. bank. The company says that sets it apart from regular stablecoins.
FDIC coverage applies up to $250,000 per depositor, per insured bank, for each account ownership category. That protection covers the deposit itself, not crypto bought later.
SoFiUSD, the bank’s stablecoin, has no FDIC insurance. SoFi’s disclosure calls SOFIE a deposit liability, not a payment stablecoin.
How SOFIE works
Customers can swap SOFIE for SoFiUSD at a one-to-one ratio. From there, they can buy crypto in the app or send funds to supported outside wallets.
Those transfers run on blockchain networks that work around the clock. Until the money moves, it keeps earning interest.
SoFi gave a $5,000 example. At an unchanged 4.40% APY, that balance would earn about $220 over one year before fees.
The rate is variable and can change at any time. SoFi lists October 20 as the effective reference date, and fees may lower earnings.
CEO Anthony Noto said, “We believe your money should keep working for you until the moment you need it.” In plain terms, cash that is waiting for a crypto purchase does not have to sit still.
SOFIE is rolling out to SoFi Crypto members through November. They reach it through a separate SOFIE deposit account.
Part of a bigger crypto push
SoFi introduced consumer crypto trading in November 2025. The platform now supports more than 40 tokens.
SoFiUSD came next, and in September it went live in Mastercard settlement for SoFi’s $25 billion card program. Merchants still get paid through standard banking channels.
SoFi also partnered with Kraken to link its settlement network with institutional crypto trading. The deal includes SoFiUSD distribution and access to Kraken Prime.
In April, SoFi launched Big Business Banking for corporate customers. It lets them manage deposits, stablecoins and digital assets on one platform.
SoFi calls SOFIE its fifth crypto-related launch in under a year. Its latest announcement cited 15.8 million members and more than 134 million global accounts served through SoFi Tech Solutions.
On Wednesday, the Office of the Comptroller of the Currency issued a final rule on payment stablecoin issuance and some custody activities. The GENIUS Act framework takes effect in mid-January.
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