TLDR
- SoFi Technologies (SOFI) launched SoFi Earn (SOFIE) on Thursday, a tokenized deposit paying a variable 4.40% APY.
- Each SOFIE token represents $1 at SoFi Bank, with FDIC coverage up to $250,000 and no minimum balance.
- Customers can convert SOFIE into SoFiUSD one-for-one to buy crypto or send funds to outside wallets. SoFiUSD has no FDIC insurance.
- SOFIE is rolling out to SoFi Crypto members through November.
- It is SoFi’s fifth crypto-related launch in under a year, and it follows the Mastercard stablecoin settlement deal.
SoFi Technologies (SOFI) launched SoFi Earn, known as SOFIE, on Thursday. The tokenized deposit pays a variable 4.40% annual percentage yield.
Each SOFIE token represents $1 held at SoFi Bank, N.A. There is no minimum balance requirement.
The bank calls SOFIE the first consumer tokenized deposit issued by a nationally chartered U.S. bank. SoFi says that sets it apart from standard stablecoins.
Meet SoFi Earn (SOFIE), with 4.40% APY* and FDIC protection.^ 📣
It's the first-ever bank deposit token for SoFi Crypto, designed to provide a home for idle crypto funds, like stablecoins. Buy and hold SOFIE to earn interest and protect your deposit.
Learn more about SoFi Earn… pic.twitter.com/kgw1i1vTtU
— SoFi (@SoFi) October 22, 2026
Deposits qualify for FDIC coverage up to $250,000 per depositor, per insured bank, for each account ownership category. That protection covers the deposit, not crypto bought later.
SoFiUSD, the bank’s stablecoin, carries no FDIC insurance. SoFi’s disclosure states that SOFIE is a deposit liability and not a payment stablecoin.
How SOFIE works
Customers can convert SOFIE into SoFiUSD at a one-to-one ratio. From there, they can buy crypto in the app or send funds to supported external wallets.
Those transfers run on blockchain networks that operate around the clock. Until then, the money keeps earning interest.
SoFi used a $5,000 balance as an example. At an unchanged 4.40% APY, that 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 reduce earnings.
CEO Anthony Noto put it this way: “We believe your money should keep working for you until the moment you need it.” His point is that cash often sits idle before a crypto purchase.
SOFIE is rolling out to SoFi Crypto members through November. Members access it through a separate SOFIE deposit account.
Building on earlier crypto moves
The launch follows a busy year for SoFi’s digital asset business. The bank introduced consumer crypto trading in November 2025, and the platform now supports more than 40 tokens.
SoFi then added SoFiUSD to its payments setup. In September, the stablecoin went live in Mastercard settlement for SoFi’s $25 billion card program.
SoFi also partnered with Kraken to connect its settlement network with institutional crypto trading. The deal includes SoFiUSD distribution and access to Kraken Prime for added liquidity.
In April, SoFi launched Big Business Banking for corporate customers. It lets them manage deposits, stablecoins and digital assets on one platform.
A day before the SOFIE launch, 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.
SoFi calls SOFIE its fifth crypto-related product 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.
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