SoFi launched interest-bearing tokenized deposits SoFi Earn

According to The Block, American fintech company SoFi Technologies announced the launch of SoFi Earn, product code SOFIE, which is an interest-bearing tokenized deposit with an annual yield of 4.4%, and is insured by the Federal Deposit Insurance Corporation (FDIC) within applicable limits.

SoFi stated that this is the first time a national bank in the United States has directly offered tokenized deposits to individual customers. Each SOFIE corresponds to a $1 deposit at SoFi Bank, and members can exchange it for the stablecoin SoFiUSD at a 1:1 ratio through SoFi Crypto, which can be used to purchase cryptocurrencies or transferred to supported external wallets at any time. Deposits continue to earn interest before the exchange, while SoFiUSD, like other stablecoins, is not a deposit insured by the FDIC.

SoFi expects to complete the full launch for crypto members in November. The company plans to launch consumer crypto trading in November 2025, followed by the introduction of SoFiUSD. In May of this year, it integrated with the consumer-facing app, and SoFi Crypto currently supports trading for over 40 types of crypto assets. CEO Anthony Noto stated that he hopes funds will continue to generate returns before being used, combining the benefits and protection of bank deposits with the speed and utility of digital assets.