SoFi Launches SoFi Earn (SOFIE), the First and Only National Bank-Issued Tokenized Deposit for Consumers
SoFi launched SoFi Earn (SOFIE), the first national bank-issued tokenized deposit for consumers, earning 4.40% APY with FDIC insurance up to applicable limits. Each SOFIE represents $1 on deposit at SoFi Bank and converts 1:1 to SoFiUSD, which members can use to buy crypto or move funds over blockchain rails 24/7 — the company's fifth new crypto offering in under a year. CEO Anthony Noto framed the product as unlocking earnings on idle digital dollars, citing Fed research that roughly $64 billion, or 21.2% of the stablecoin market, sits inactive.
Key figures
- Apy
- 4.40%
- Members
- 15.8 million
- Fdic insurance limit
- $250,000
- Idle stablecoin share
- 21.2%
- Cryptocurrencies offered
- 40+
- Idle stablecoin market estimate
- $64 billion
AI analysis
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