SoFi Launches Tokenized Bank Deposits Paying 4.4% APY

SoFi Technologies has launched SoFi Earn, what it describes as the first tokenized deposit product issued by a nationally chartered bank. Each token, called SOFIE, represents a $1 deposit held at SoFi Bank and carries FDIC insurance, with the product currently paying a 4.40% annual percentage yield.

Built for crypto users who want yield

SoFi Chief Executive Anthony Noto said the product is aimed at crypto users who often park money in stablecoins while waiting out market swings, giving them a way to earn interest on those holdings instead of leaving them idle. Functionally, SOFIE behaves like cash while living on a blockchain, and customers can convert it into SoFiUSD at a 1:1 ratio before using the funds to buy cryptocurrency or transfer money elsewhere.

The rollout, which began with SoFi's crypto members and continues through November, marks the company's fifth crypto-related product launch in under a year, underscoring how aggressively traditional banks are now building blockchain-based features directly into mainstream accounts — even as a broader regulatory debate over stablecoins and bank-issued tokens continues in Washington.