SoFi has launched SoFi Earn, a tokenized deposit trading under the ticker SOFIE that the company bills as the first national bank-issued tokenized deposit for consumers. Announced Thursday, the product is designed to let customers earn bank-grade interest on digital dollars without giving up the speed of crypto.

Each SOFIE token represents $1 held on deposit at SoFi Bank. Holders earn a 4.40% annual percentage yield, and the funds are FDIC-insured up to applicable limits — a key distinction from ordinary stablecoins.

When members want to deploy the money, they can convert SOFIE one-to-one into SoFiUSD, the bank's stablecoin, and then use it to buy crypto in the SoFi app or move dollars over blockchain rails around the clock.

The pitch targets a specific gap. Stablecoins have become a popular way to park digital dollars, but many pay no interest and carry no deposit insurance. That has long forced a trade-off: keep funds in a traditional account to earn yield and protection, or hold stablecoins to keep them mobile on-chain. SoFi cited Federal Reserve research estimating that roughly $64 billion, or about 21% of the stablecoin market, sits idle in forgotten or inactive wallets. The company is pitching SOFIE as a way to keep that money earning until the moment it is spent.

"Too much money in the digital asset ecosystem is sitting idle," CEO Anthony Noto said in a statement, arguing the product combines "the earning power and protections of a bank deposit with the speed and utility of digital assets."

Fifth crypto product in under a year

SoFi Earn is the fifth crypto product the company has rolled out in less than a year, part of a rapid build-out of its digital-money ecosystem. SoFi returned to crypto trading in late 2025 after exiting the business years earlier, becoming the first nationally chartered U.S. bank to offer it to consumers, and members can now trade more than 40 tokens.

The company followed with SoFiUSD, the first stablecoin issued by a U.S. national bank, which launched across Ethereum and Solana and is now used to settle SoFi's entire card program over Mastercard's network. For members, that means a single app where dollars can earn, convert, trade, and pay for everyday spending — the loop SOFIE now closes.

The move pushes SoFi deeper into a space where banks and fintech firms are racing to fold blockchain-based dollars into regulated products, following the company's earlier launch of business banking for digital assets and a stablecoin tie-up involving cryptocurrency exchange Kraken. Whether other nationally chartered banks put consumer-facing tokenized deposits on the menu is one of the next developments to watch in that race.

By wrapping a yield-bearing, insured deposit in a token that moves like a stablecoin, SoFi is betting consumers want both at once.

Source: Decrypt — SoFi Launches Tokenized Deposit That Earns 4.4% and Converts to a Stablecoin